Friday, September 9th saw the October NYMEX Natural Gas Futures Contract open at $8.118, twenty cents above Thursday’s closing price of $7.915. Achieving an intraday high of $8.118 within minutes of the open, prices slid over the following ninety minutes to find a bottom at $7.888. Traders seemingly are seeking a balance between fading summer temperatures and below average storage injections as annual storage levels pale in comparison to historical. Trading along $7.980 in the afternoon hours, October closed higher on Friday at $7.996; down 9% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 54 BCF injection to storage for the week ended September 2 – in line with the market estimate of 52 BCF. Total working gas in storage was reported as 2,694 BCF; 7.6% below this time last year and 11.5% below the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was up 86 cents; Natural Gas was up four cents; Heating Oil was up five cents; and Gasoline was up two 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.
