Tuesday, September 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.240, seven cents above Monday’s closing price of $2.170. Recording the intraday high of $2.258 by 9:15AM, the contract withdrew to mark the intraday low of $2.195 at 11:30AM. Stabilizing near $2.240 by 1:00PM, markets weighed low cooling demand against reduced production ahead of Tropical Storm Francine, expected to make landfall in Louisiana on Wednesday as a category one Hurricane. October closed higher on Tuesday at $2.232.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 51 BCF injection to storage for the week ended September 6th. This compares to a 57 BCF injection this time last year and a five-year average injection amount of 67 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up $1.79; Natural Gas was up one cent; Heating Oil was up four cents; and Gasoline was up five cents.
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.
