Wednesday, October 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.979, $0.083 above Tuesday’s closing price of $2.896. In a volatile session, prices rose to touch the $3.00 level ahead of the opening bell as forecasts brought in cooler temperatures. Falling to an intraday low of $2.870 at 11:00AM, the contract continued to seek direction within a ten-cent range through the afternoon. November closed lower on Wednesday at $2.886.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 52 BCF injection to storage for the week ended September 27th. This compares to an 86 BCF injection this time last year and a five-year average injection amount of 98 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was up $1.44; Natural Gas was up $0.027; Heating Oil was up $0.35; and Gasoline was up $0.039.
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.
