Thursday, October 11th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.205, eight cents below Wednesday’s closing price of $3.284. Arcing lower soon after markets opened, prices stabilized near $3.190 by 9:30AM in anticipation of the weekly storage publication. Plunging below $3.170 as the report was released, the contract shot up to the $3.22 mark at 10:50AM only to withdraw to the intraday low of $3.153 an hour later. Posting and aggressive ascent through the afternoon as traders took advantage of the recently diminished contract, November rose to the intraday high of $3.238 at 1:40PM and proceeded to close lower on Thursday at $3.222.
The EIA Natural Gas Storage Report published on Thursday showed a 90 BCF injection to storage for the week ended October 5th – just below the market estimate of 92 BCF. Total working gas in storage was reported as 2,956 BCF; 17.5% below this time last year and 17.0% below the five-year average.
This morning in Globex, WTI Crude was up 91 cents; Natural Gas was unchanged; Heating Oil was up one cent; and, Gasoline was up two cents.
Natural Gas Glossary
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.
