Monday, September 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.623, slightly below Friday’s closing price of $2.637. Gradually climbing to reach the intraday high of $2.671 at 10:00AM, the contract proceeded to fluctuate along the $2.650 level through midday. Eyeing the October contract’s expiration and bearish weather forecasts, prices drifted lower into the afternoon. Recording an intraday low of $2.606 at 2:05PM, October closed lower on Monday at $2.639.
The EIA Natural Gas Storage Report published last Thursday showed a 64 BCF injection to storage for the week ended September 15 – in line with the market estimate of 64 BCF. Total working gas in storage was reported as 3,269 BCF; 14.3% above this time last year and 5.9% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down 74 cents; Natural Gas was down four cents; Heating Oil was down eight cents; and Gasoline was down three cents.
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.
