Wednesday, October 25th saw the front-month NYMEX Natural Gas Futures Contract open at $3.012, four cents above Tuesday’s closing price of $2.971. Spurred on by short-term heating demand covering key demand areas of the country, prices rose to the intraday high of $3.029 by 9:45AM. Falling to the intraday low of $2.997 at 12:30PM, the contract rose modestly into the afternoon to reclaim the $3.00 level. November closed higher
on Wednesday at $3.010.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 83 BCF injection to storage for the week ended October 20th. This compares to a 52 BCF injection at this time last year and a five-year average injection amount of 66 BCF.
As of 7:55AM EST this morning in Globex, WTI Crude was down $1.66; Natural Gas was up one cent; Heating Oil was down four cents; and Gasoline was down two 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.
