October 6, 2023
Thursday, October 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.026, six cents above Wednesday’s closing price of $2.962. Marking the intraday low of $3.020 shortly after 9:00AM, prices rose to the $3.060 level leading up to the weekly storage report. Spiking to $3.131 as the bullish storage injection hit the wire, the contract continued its upward trajectory into the afternoon as analysts contributed the smaller-than-average build to pipeline maintenance. Recording a fresh eight-month intraday high of $3.205 at 1:35PM, November closed higher on Thursday at $3.166.
The EIA Natural Gas Storage Report published on Thursday showed an 86 BCF injection to storage for the week ended September 29 – below the market estimate of 97 BCF. Total working gas in storage was reported as 3,445 BCF; 11.6% above this time last year and 5.3% above the five-year average.
As of 6:30 AM EST this morning in Globex, WTI Crude was up four cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up two 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.
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.