Friday, October 13th saw the front-month NYMEX Natural Gas Futures Contract open at $3.274, seven cents below Thursday’s closing price of $3.344. Jumping to the intraday high of $3.302 by 9:15AM, prices retreated throughout the morning as fundamentals turned bearish following unsupportive weather forecasts and healthy production. Falling to an intraday low of $3.212 at 10:45AM, the contract traded along the $3.230 mark through the afternoon. November closed lower on Friday at $3.236; down 3% on the week.
The EIA Natural Gas Storage Report published last Thursday showed an 84 BCF injection to storage for the week ended October 6 – in line with the market estimate of 85 BCF. Total working gas in storage was reported as 3,529 BCF; 9.8% above this time last year and 4.8% above the five-year average.
As of 7:20 AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was down eight cents; Heating Oil was down one cent; and Gasoline was up 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.
