Thursday, September 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.930, three cents above Wednesday’s closing price of $2.899. Posting a cautious ascent to the $2.960 level leading up to the weekly storage publication, prices jumped to the intraday high of $2.981 as the report hit the wire. The contract then trended lower until reaching the intraday low of $2.903 at 11:55AM. Fluctuating along $2.930 throughout the afternoon, November closed higher on Thursday at $2.945.
The EIA Natural Gas Storage Report published on Thursday showed a 90 BCF injection to storage for the week ended September 22 – in line with the market estimate of 90 BCF. Total working gas in storage was reported as 3,359 BCF; 13.4% above this time last year and 6.0% above the five-year average.
As of 7:40AM EST this morning in Globex, WTI Crude was up $1.04; Natural Gas was down three cents; Heating Oil was up six cents; and Gasoline was up one cent.
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.
