November NYMEX Natural Gas Futures Contract Closed at $2.522 on Thursday, October 24th

Thursday, October 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.432, up $0.090 compared to Wednesday’s closing price of $2.342. A supportive shift in overnight forecasts saw the contract trading along $2.440 leading up to the weekly storage publication. Withdrawing to an intraday low of $2.390 following the bearish injection, traders then left analysts somewhat puzzled as a late-day rally saw prices surpass the $2.500 level. With some attributing these gains to short covering as settlement draws near, November recorded an intraday high of $2.549 ahead of 2:30PM, ultimately closing higher on Thursday at $2.522.

The EIA Natural Gas Storage Report published on Thursday showed an 80 BCF injection to storage for the week ended October 18 – above the market estimate of a 64 BCF injection. Total working gas in storage was reported as 3,785 BCF; 2.9% above this time last year and 4.6% above the five-year average.

As of 6:10AM this morning in Globex, WTI Crude was up $0.280; Natural Gas was down $0.004; Heating Oil was up $0.006, and Gasoline was up $0.006.

                                                                                                 
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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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