Wednesday, September 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.769, nearly three cents above Tuesday’s closing price of $2.743. In a volatile day of trading, prices rose above $2.770 soon after 9:00AM then proceeded to drop to the $2.670 level by 9:45AM. Surging higher once again due to reports of reduced production in the Permian Basin, the contract marked the intraday high of $2.777 at 10:55AM. Pulling back once again ahead of midday, prices fell to the intraday low of $2.640 at 1:20PM as cooling demand is expected to drop in the coming weeks. October closed lower on Wednesday at $2.680.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 54 BCF injection to storage for the week ended September 8th. This compares to a 77 BCF injection at this time last year and a five-year average injection amount of 76 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up 84 cents; Natural Gas was up eight cents; Heating Oil was down two cents; 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.
