Tuesday, September 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.790, six cents above Monday’s closing price of $2.728. Dipping to an intraday low of $2.754 at 9:35AM, the contract once again found bullish support due to production concerns and steady LNG exports. Ascending to a five-week intraday high of $2.872 at 11:00AM, prices traded sideways along $2.845 throughout the afternoon. October closed higher on Tuesday at $2.848.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 64 BCF injection to storage for the week ended September 15th. 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 down 63 cents; Natural Gas was down 11 cents; Heating Oil was down four cents; and Gasoline was down 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.
