Monday, November 6th saw the front-month NYMEX Natural Gas Futures Contract open at $3.332, eighteen cents below Friday’s closing price of $3.515. Reaching up to tag the intraday high of $3.344 by 9:30AM, prices then continued the pre-opening decline following the latest updates of hardy production and comfortable temperatures in the coming week. Stabilizing near $3.255 by midday, marking the intraday low of $3.249 at 1:00PM, December closed lower on Monday at $3.264.
The EIA Natural Gas Storage Report published last Thursday showed a 79 BCF injection to storage for the week ended October 27 – in line with the market estimate of 83 BCF. Total working gas in storage was reported as 3,779 BCF; 8.4% above this time last year and 5.7% above the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was down $1.45; Natural Gas was down three cents; Heating Oil was down eight cents; and Gasoline was down four cents.
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.
