Thursday, September 26th saw the front-month NYMEX Natural Gas Futures Contract open at $2.655, $0.018 above Wednesday’s closing price of $2.637. Trending gradually lower throughout the day, October settled lower on Thursday at $2.585.
The more actively traded November contract opened at $2.826, $0.009 above the previous day’s closing price of $2.817. Marking the intraday high of $2.854 at 9:30AM, prices stabilized near $2.745 by midday as a bearish-leaning storage injection seemingly outweighed the expected impact of Hurricane Helene. November closed lower on Thursday at $2.753.
The EIA Natural Gas Storage Report published on 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 7:05AM EST this morning in Globex, WTI Crude was up 19 cents; Natural Gas was down three cents; Heating Oil was down one cent; and Gasoline was flat.
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.
