November 6, 2020
Thursday, November 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.086, four cents above Wednesday’s closing price $3.046. Fluctuating along $3.080 until 10:30AM, prices jumped to an intraday high of $3.107 as the bullish storage report hit the wire. Trending defiantly lower soon thereafter, the contract crossed the $3.00 level. Continuing to an intraday low of $2.934 at 2:20PM, the December contract closed lower on Thursday at $2.942.
The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended October 30
th – larger than the market estimate of 27 BCF. Total working gas in storage was reported as 3,919 BCF: 5.4% above this time last year and 5.4% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was down 82 cents; Natural Gas was down two cents; Heating Oil was down two cents; and Gasoline was down two cents.
Natural Gas Glossary
Natural Gas Supplier
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.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.