Monday, October 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.904, slightly above Friday’s closing price of $2.899. Falling to an intraday low of $2.893 at 9:30AM, prices rose modestly heading into midday to record the intraday high of $2.951 near 11:30AM. Bulls continue to be kept in check by healthy production rates and light heating demand. Pulling back in the afternoon hours, November closed higher on Monday at $2.926.
The EIA Natural Gas Storage Report published last Thursday showed a 97 BCF injection to storage for the week ended October 13 –above the market estimate of 80 BCF. Total working gas in storage was reported as 3,626 BCF; 9.0% above this time last year and 5.1% above the five-year average.
As of 7:00 AM EST this morning in Globex, WTI Crude was up 39 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was up slightly.
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.
