Wednesday, September 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.252, five cents above Tuesday’s closing price of $2.203. Achieving the intraday high of $2.270, the contract moved sharply lower as fundamentals shifted to unsupportive. Descending to tally the intraday low of $2.132 by 1:00PM, prices remained subdued for the balance of the session. October closed lower on Wednesday at $2.145.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 34 BCF injection to storage for the week ended August 23rd. This compares to a 33 BCF injection this time last year and a five-year average injection amount of 51 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 20 cents; Natural Gas was flat; Heating Oil was up two 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.
