Wednesday, November 8th saw the front-month NYMEX Natural Gas Futures Contract open at $3.096, four cents below Tuesday’s closing price of $3.140. Similar to the previous sessions, prices rose to high early on before retreating due to weak heating demand and steady production; marking an intraday high or $3.179 at 9:45AM. Falling to an intraday low of $3.058 at 12:45PM, the contract mustered a meager recovery into the afternoon as December closed lower on Wednesday at $3.106.
The EIA Natural Gas Storage Report for the weeks ended November 3rd and 10th will be published on November 16th to complete a planned systems upgrade. The report for the week ended November 3rd is expected to show a four BCF injection to storage. This compares to a 79 BCF injection at this time last year and a five-year average injection amount of 36 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was up 42 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was up one cent.
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.
