Tuesday, November 7th saw the front-month NYMEX Natural Gas Futures Contract open at $3.161, ten cents below Monday’s closing price of $3.264. Falling to an intraday low of $3.099 at 9:25AM, prices then reversed momentum to climb to the intraday high of $3.188 at 10:50AM. Balancing market fundamentals this week without an EIA Storage Report, the contract traded along $3.150 into the afternoon. December closed lower on Tuesday at $3.140.
The EIA Natural Gas Storage Report for the weeks ended November 3rd and 10th will be published on November 16th to complete a planned systems upgrade. The report for the week ended November 3rd is expected to show a four BCF injection to storage. This compares to a 79 BCF injection at this time last year and a five-year average injection amount of 36 BCF.
As of 5:55AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was flat; Heating Oil was down three cents; and Gasoline was down 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.
