Thursday, September 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.271, even to Wednesday’s closing price of $2.270. Slipping to record the intraday low of $2.229 by 9:25AM, prices recovered to opening-level territory leading up to the weekly storage publication. Surging higher as the bullish report hit the wire, the contract was trading at $2.328 as of 11:00AM. With hurricane induced production interruptions providing additional support, prices rose to a two-month intraday high of $2.394 at 1:45PM. October closed higher on Thursday at $2.357.
The EIA Natural Gas Storage Report published on Thursday showed a 40 BCF injection to storage for the week ended September 6 – below the market estimate of a 51 BCF injection. Total working gas in storage was reported as 3,387 BCF; 6.2% above this time last year and 9.6% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up three 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.
