Wednesday, November 15th saw the front-month NYMEX Natural Gas Futures Contract open at $3.184, eight cents above Tuesday’s closing price of $3.106. Fluctuating along $3.180 early on and falling to an intraday low of $3.162 shortly after 10:00AM, traders then mounted a rally that would result in an intraday high of $3.275 at 11:30AM. Withdrawing into the afternoon, December closed slightly lower on Wednesday at $3.190.
Markets continue to monitor the latest weather and production news. One item of note is the drought-induced backup at the Panama Canal, causing interminable delays and stranding LNG vessels destined for the Pacific.
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 combined two weeks ended November 10th is expected to show a 48 BCF injection to storage. This compares to a 143 BCF injection for this time period last year and a five-year average injection amount of 56 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up six cents; Heating Oil was flat; and Gasoline was down two 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.
