October NYMEX Natural Gas Futures Contract Closed at $2.637 on Wednesday, September 18th

Wednesday, September 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.691, roughly two cents above Tuesday’s closing price of $2.668. Peaking at the intraday high of $2.691 as the opening bell rang, mar-kets were quick to slip downward. Stepping lower to $2.655 by 10:00AM, $2.635 an hour later, and an intraday low of $2.603 by 12:40PM, this downfall could be attributed to position squaring ahead of today’s EIA Storage Report or tensions calming in Saudi Arabia related to the recent bombing. October closed lower on Wednesday at $2.637.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 82 BCF injec-tion to storage for the week ended September 13th. This compares to an 86 BCF injection at this time last year and a five-year average injection amount of 82 BCF.

As of 8:50AM EST this morning in Globex, WTI Crude was down $1.14; Natural Gas was down two cents; Heating Oil was up four cents; and Gasoline was up five cents.

Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
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.

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.