Tuesday, October 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.706, down $0.040 compared to Monday’s closing price of $2.746. Marking the intraday low of $2.699 within minutes of the open, the contract posted a hesitant ascent throughout the session. Traders weighed recent bullish forecasts against weak demand in Florida as Hurricane Milton draws near. Recording the intraday high of $2.773 at 1:25PM, November finished on a downbeat to close lower on Tuesday at $2.733.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 76 BCF injection to storage for the week ended October 4th. This compares to an 84 BCF injection this time last year and a five-year average injection amount of 96 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down $0.410; Natural Gas was down $0.034; Heating Oil was down $0.016, and Gasoline was down $0.012.
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.
