November NYMEX Natural Gas Futures Contract Closed at $6.972 on Thursday, October 6th

Thursday, October 6th saw the November NYMEX Natural Gas Futures Contract open at $7.131, twenty cents above Wednesday’s closing price of $6.930. Achieving the intraday high of $7.138 within minutes of the opening bell, prices moved lower to stabilize near $7.02 until 10:00AM. Trading near $6.960 ahead of the weekly storage publication, the contract briefly dipped to the intraday low of $6.868 before recovering to the $7.06 mark. Dismissing the bearish injection November closed higher on Thursday at $6.972.

The EIA Natural Gas Storage Report published on Thursday showed a 129 BCF injection to storage for the week ended September 30 – in line with the market estimate of 125 BCF. Total working gas in storage was reported as 3,106 BCF; 5.0% below this time last year and 7.8% below the five-year average.

As of 7:05AM EST this morning in Globex, WTI Crude was up 89 cents; Natural Gas was down 19 cents; Heating Oil was up five cents; and Gasoline was up two cents.

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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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