Friday, September 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.798, $0.045 above Thursday’s closing price of $2.753. Recording the intraday low as markets opened, the contract moved confidently higher throughout the session, overlooking the drop in demand for those affected by Hurricane Helene. Choosing to focus on tightening supply balances, prices rose cross midday at $2.899 and marker a three-month intraday high of $2.928 at 1:25PM. November closed higher on Friday at $2.902.
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.
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