Wednesday, September 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.240, four cents above Tuesday’s closing price of $2.280. Slipping to an intraday low of $2.254 at 9:35AM, prices then rose to tally the intraday high of $2.325 at 10:45AM. Traders continued to weigh hurricane related production cuts against seasonal cooling demand. Trading sideways along $2.280 heading into closing, October finished higher on Wednesday at $2.270.
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 7:05AM EST this morning in Globex, WTI Crude was up $1.12; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up two 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.