November NYMEX Natural Gas Futures Contract Closed at $2.342 on Wednesday, October 23rd

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.

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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