Monday, September 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.306, nearly even to Friday’s closing price of $2.305. Sinking to an intraday low of $2.276 ahead of 9:30AM, prices then mounted a staggered ascent as healthy LNG demand and interrupted production outweighed forecasts for waning cooling demand. Claiming an intraday high of $2.397 at 11:55AM, the contract traded sideways into the afternoon. October closed higher on Monday at $2.373.
The EIA Natural Gas Storage Report published last Thursday showed a 40 BCF injection to storage for the week ended September 6 – below the market estimate of a 51 BCF injection. Total working gas in storage was reported as 3,387 BCF; 6.2% above this time last year and 9.6% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 16 cents; Natural Gas was down one cent; Heating Oil was down one cent; 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.
