Wednesday, November 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.694, up $0.024 compared to Tuesday’s closing price of $2.670. Marking the intraday low of $2.682 within minutes of the open, prices soon trended upward, which some analysts are attributing to the result of the Presidential election. Ascending to peak at the intraday high of $2.796 at midday, December closed higher on Wednesday at $2.747.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 66 BCF injection to storage for the week ended November 1st. This compares to a 6 BCF withdrawal this time last year and a five-year average injection amount of 32 BCF.
As of 6:35AM this morning in Globex, WTI Crude was down $0.860; Natural Gas was down $0.005; Heating Oil was down $0.022, and Gasoline was down $0.019.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.