Friday, November 13th saw the front-month NYMEX Natural Gas Futures Contract open at $3.023, five cents above Thursday’s closing price $2.976. Ascending to an intraday high of $3.087 within minutes of the opening bell, prices traded along either side of $3.050 through 10:30AM. Sinking as low as $2.989 as the bearish storage was published, the contract recovered to reclaim the $3.00 level soon thereafter. The December contract withdrew into the afternoon to close higher on Friday at $2.995.
The EIA Natural Gas Storage Report published on Thursday showed an 8 BCF injection into storage for the week ended November 6th – above the market estimate of -3 BCF. Total working gas in storage was reported as 3,927 BCF: 5.3% above this time last year and 4.7% above the five-year average.
As of 6:05AM EST this morning in Globex, WTI Crude was up 89 cents; Natural Gas was down 13 cents; Heating Oil was up two cents; and Gasoline was up 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.
