Wednesday, October 5th saw the November NYMEX Natural Gas Futures Contract open at $6.973, fourteen cents above Tuesday’s closing price of $6.837. Gaining thirty cents in the minutes leading up to the open, analysts attributed these gains to possible late-month heating demand and unity with the rising oil markets. Recording the intraday high of $6.991 by 9:15AM and the intraday low of $6.847 at 11:00AM, the contract fluctuated along either side of the $6.90 level for the majority of the day. November closed higher on Wednesday at $6.930.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 125 BCF injection to storage for the week ended September 30. This compares to a 118 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was up three cents; Heating Oil was down seven cents; and Gasoline was down three cents.
Natural Gas Glossary
Natural Gas Supplier
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.
