November 8, 2023
Tuesday, November 7
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.161, ten cents below Monday’s closing price of $3.264. Falling to an intraday low of $3.099 at 9:25AM, prices then reversed momentum to climb to the intraday high of $3.188 at 10:50AM. Balancing market fundamentals this week without an EIA Storage Report, the contract traded along $3.150 into the afternoon. December closed lower on Tuesday at $3.140.
The EIA Natural Gas Storage Report for the weeks ended November 3
rd and 10
th will be
published on November 16th to complete a planned systems upgrade. The report for the week ended November 3
rd is expected to show a four BCF injection to storage. This compares to a 79 BCF injection at this time last year and a five-year average injection amount of 36 BCF.
As of 5:55AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was flat; Heating Oil was down three cents; and Gasoline was down one cent.
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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.