Friday, September 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.632, five cents above Thursday’s closing price of $2.579. Traders sustained the previous day’s storage-induced rally throughout the morning as prices traded within a two-cent range of $2.620, marking the intraday high of $2.643 at 11:15AM. Trending lower into the afternoon to record an intraday low of $2.585 at 1:15PM, October closed higher on Friday at $2.605.
The EIA Natural Gas Storage Report published on Thursday showed a 33 BCF injection to storage for the week ended September 1 – below the market estimate of 41 BCF. Total working gas in storage was reported as 3,148 BCF; 17.2% above this time last year and 7.6% above the five-year average.
As of 6:15AM EST this morning in Globex, WTI Crude was down 62 cents; Natural Gas was down five cents; Heating Oil was up three cents; 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.
