Wednesday, October 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.332, up $0.021 compared to Tuesday’s closing price of $2.311. Drifting lower throughout the morning, historically bearish short-term forecasts saw prices cross midday at $2.308. Recording the intraday low of $2.286 at 1:25PM, the contract then posted a strong reversal to mark the intraday high of $2.345 ahead of closing. November finished higher on Wednesday at $2.342.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 64 BCF injection to storage for the week ended October 18th. This compares to a 74 BCF injection this time last year and a five-year average injection amount of 76 BCF.
As of 6:40AM this morning in Globex, WTI Crude was up $1.16; Natural Gas was up $0.043; Heating Oil was up $0.028, and Gasoline was up $0.026.
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.
