Tuesday, September 26th saw the front-month NYMEX Natural Gas Futures Contract open at $2.572, seven cents below Monday’s closing price of $2.639. Slipping to the intraday low of $2.558 within minutes of the opening bell, weak forecasted demand and light LNG exports sank prices overnight. Recovering through the morning hours to peak at the intraday high of $2.654 at midday, October closed higher on Tuesday at $2.656.
The more actively traded November contract opened at $2.818, eight cents below Monday’s closing price. Posting a similar path throughout the day, November closed lower at $2.845.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 90 BCF injection to storage for the week ended September 22nd. This compares to a 103 BCF injection at this time last year and a five-year average injection amount of 84 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up $1.51; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up three 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.
