Tuesday, October 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.290, down $0.022 compared to Monday’s closing price of $2.312. A volatile session saw the contract record the intraday low of $2.296 just after 9:00AM and the intraday high of $2.375 at 10:15AM, as those with short positions sought profit-taking against weak weather forecasts. Rolling bouts of selling dragged prices gradually lower through the session as November closed near flat on Tuesday at $2.311.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 64 BCF injection to storage for the week ended October 18th. This compares to a 74 BCF injection this time last year and a five-year average injection amount of 76 BCF.
As of 7:00AM this morning in Globex, WTI Crude was down $1.43; Natural Gas was down $0.034; Heating Oil was down $0.025, and Gasoline was down $0.037.
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.
