Wednesday, September 14th saw the October NYMEX Natural Gas Futures Contract open at $8.605, thirty-two cents above Tuesday’s closing price of $8.284. Marking the intraday low of $8.599 within minutes of the open, the contract chopped around either side of $8.750 for the morning hours. While weighing the effects of late-season cooling demand, we’re also left to ponder the impact that the impending U.S. railroad strike could have on energy markets as transported coal could remain sidelined. Soaring higher into the afternoon, October reached a two-week intraday high of $9.178 before closing at $9.114.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 71 BCF injection to storage for the week ended September 9. This compares to an 83 BCF injection at this time last year and a five-year average injection amount of 82 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was down 50 cents; Natural Gas was down 47 cents; Heating Oil was down nine cents; and Gasoline was down four cents.
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