Thursday, November 12th saw the front-month NYMEX Natural Gas contract open at $3.320, $0.105 above Wednesday’s closing price of $3.215. Jumping to an intraday high of $3.357 within minutes of the market’s open, traders priced-in next week’s cool down with renewed enthusiasm following the previous session’s sell-off. Marking an intraday low of $3.261 at 11:05AM, the contract hovered near $3.300 for the majority of the day. Ending the day on an upswing, December closed higher on Thursday at $3.340.
The EIA Natural Gas Storage Report is due out Friday 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 8:10AM this morning, WTI Crude was down $0.230; Natural Gas was down $0.076; Heating Oil was up $0.010; and Gasoline was down $0.022.
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
