Wednesday, September 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.611, $0.060 above Tuesday’s closing price of $2.551. Seeking direction throughout the session, traders weighed the impact that now Hurricane Helene will have on natural gas infrastructure as well as dampened demand. Falling to $2.576 by 10:15AM, prices rose to tally the intraday high of $2.644 nearly two hours later. Pulling back in the afternoon, the contract marked the intraday low of $2.563 at 2:15PM. Posting a late rally, October closed higher on Wednesday at $2.637.
The more actively-traded November contract posted a similar path on Wednesday, ultimately closing higher at $2.817.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 54 BCF injection to storage for the week ended September 20th. This compares to a 90 BCF injection this time last year and a five-year average injection amount of 88 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down $1.69; Natural Gas was up five cents; Heating Oil was down three cents; and Gasoline was down 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.
