October NYMEX Natural Gas Futures Contract Closed at $7.089 on Thursday, September 22nd

Thursday, September 22nd saw the October NYMEX Natural Gas Futures Contract open at $7.662, twelve cents below Wednesday’s closing price of $7.779. Achieving the intraday high of $7.728 by 9:15AM, prices hovered near $7.630 leading up to the weekly storage publication. Directed lower following the bearish injection and comfortable shoulder-month conditions, the contract tumbled to a two-month intraday low of $7.061 ahead of 2:30PM. October closed lower on Thursday at $7.089.

The EIA Natural Gas Storage Report published on Thursday showed a 103 BCF injection to storage for the week ended September 16 – above the market estimate of 94 BCF. Total working gas in storage was reported as 2,874 BCF; 6.4% below this time last year and 10.4% below the five-year average.

As of 7:25AM EST this morning in Globex, WTI Crude was down $2.93; Natural Gas was up one cent; Heating Oil was down 13 cents; and Gasoline was down 11 cents.

 
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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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