Monday, September 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.229, nearly five cents below Friday’s closing price of $2.275. Recording an intraday high of $2.247 within minutes of the opening bell, prices then moved decidedly lower as Tropical Storm Francine took shape in the Gulf of Mexico. Posting a staggered withdrawal throughout the day upon hurricane-related demand destruction concerns, the contract marked the intraday low of $2.157 at 1:15PM. October closed lower on Monday at $2.170.
The EIA Natural Gas Storage Report published last Thursday showed a 13 BCF injection to storage for the week ended August 30 – below the market estimate of a 28 BCF injection. Total working gas in storage was reported as 3,347 BCF; 6.6% above this time last year and 10.7% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down 72 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was down 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.
