Monday, September 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.892, $0.010 below Friday’s closing price of $2.902. Recording the intraday low of $2.868 within minutes of the opening bell, prices climbed in the following hour to mark the intraday high of $2.948. Trading within a tight band near $2.915 for the balance of the day, as the market assessed the impact of Hurricane Helene. November closed higher on Monday at $2.923.
The EIA Natural Gas Storage Report published last Thursday showed a 47 BCF injection to storage for the week ended September 20 – below the market estimate of a 54 BCF injection. Please note the reclassification of Working Gas to Base Gas of 8 BCF, the implied change for the week is 55 BCF. Total working gas in storage was reported as 3,492 BCF; 4.8% above this time last year and 7.1% above the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was down 77 cents; Natural Gas was down three cents; Heating Oil was down three 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.
