Monday, October 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.555, down $0.077 compared to Friday’s closing price of $2.632. Achieving an intraday high of $2.570 soon after the opening bell, the contract then continued its pre-session decline as the aftermath from Hurricane Milton and comfortable conditions in other parts of the country dampened demand. Reaching an intraday low of $2.491 ahead of 2:30PM, November closed lower on Monday at $2.494.
The EIA Natural Gas Storage Report published last Thursday showed an 82 BCF injection to storage for the week ended October 4 – above the market estimate of a 76 BCF injection. Total working gas in storage was reported as 3,629 BCF; 3.5% above this time last year and 5.1% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $3.480; Natural Gas was down $0.025; Heating Oil was down $0.085, and Gasoline was down $0.087.
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.
