Tuesday, November 9th saw the front-month NYMEX Natural Gas Futures Contract open at $5.218, twenty-one cents below Monday’s closing price of $5.427. Marking the intraday high of $5.225 within minutes of the opening bell, the market continued its pre-opening sell off until finding a six-week intraday low of $4.912 at 11:30AM. Trading along either side of $4.980 for most of the afternoon, steady production and bearish weather forecasts led to an 8% single day decline, despite no material changes to the forecast. December closed lower on Tuesday at $4.979.
The EIA Natural Gas Storage Report is due out on Wednesday at 12:00PM. The report is expected to show a 15 BCF injection to storage for the week ended November 5. This compares to an 8 BCF injection to this time last year and a five-year average injection amount of 25 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 44 cents; Natural Gas was down nine cents; Heating Oil was down slightly; and Gasoline was down one cent.
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