Tuesday, November 10th saw the front-month NYMEX Natural Gas contract open at $3.228, $0.010 above Monday’s closing price of $3.218. Recording an intraday low of $3.198 at 10:30AM, buying then resumed as confidence grew around the latest “colder” forecast and short covering took hold. Crossing midday at $3.312, prices rose to an intraday high of $3.322 at 1:30PM. December closed higher on Tuesday at $3.296.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 67 BCF injection to storage for the week ended November 6. This compares to a 45 BCF injection this time last year and a five-year average injection amount of 40 BCF.
In Globex, as of 6:50AM this morning, WTI Crude was down $1.340; Natural Gas was up $0.057; Heating Oil was down $0.130; and Gasoline was down $0.023.
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