Wednesday, October 4th saw the front-month NYMEX Natural Gas Futures Contract open at $3.008, six cents above Tuesday’s closing price of $2.949. Finding support early prices rose to record an eight-month intraday high of $3.055 at 9:49AM, as forecasts turned slightly bearish. Pulling back from this ascent, the contract stabilized near $2.995 by midday and persisted into the afternoon. November closed higher on Wednesday at $2.962.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 97 BCF injection to storage for the week ended September 29th. This compares to a 129 BCF injection at this time last year and a five-year average injection amount of 103 BCF.
As of 6:30 AM EST this morning in Globex, WTI Crude was down $1.48; Natural Gas was up one cent; Heating Oil was down nine cents; and Gasoline was down one cent.
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.
