Tuesday, November 4th saw the front-month NYMEX Natural Gas contract open at $4.234, $0.032 below Monday’s closing price of $4.266. Mirroring the previous day’s activity, prices fell to an intraday low of $4.205 at 10:15AM only to then rally through midday. Continuing to focus on high LNG demand and forecasts for cooler temperatures, traders overlooked stout storage levels and healthy production as the contract rose to an intraday high of $4.396 at 1:30PM. Pulling back heading into 2:30PM, December closed higher on Tuesday at $4.343.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 32 BCF injection to storage for the week ended October 31. This compares to a 67 BCF injection this time last year and a five-year average injection amount of 42 BCF.
As of 7:20AM this morning in Globex, WTI Crude was down $0.170; Natural Gas was down $0.088; Heating Oil was up $0.011; and Gasoline was down $0.009.
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
