Wednesday, October 18th saw the front-month NYMEX Natural Gas Futures Contract open at $3.128, five cents above Tuesday’s closing price of $3.079. Recording the intraday high within minutes of the open again, $3.158, prices got a nice boost overnight from weather patterns posting a mildly bullish shift. Trending lower throughout the balance of the day, the contract crossed midday at $3.087 and tallied the intraday low of $3.046 ahead of 2:30 PM. November closed lower on Wednesday at $3.056.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 80 BCF injection to storage for the week ended October 13th. This compares to a 111 BCF injection at this time last year and a five-year average injection amount of 85 BCF.
As of 6:40 AM EST this morning in Globex, WTI Crude was down $1.16; Natural Gas was down four cents; Heating Oil was down three cents; and Gasoline was down three 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.
