Monday, November 17th saw the front-month NYMEX Natural Gas contract open at $4.433, $0.133 below Friday’s closing price of $4.566. In a volatile day of trading, prices traded with a twenty-cent range as traders weighed stout storage and changing forecasts against strong LNG demand. Climbing early on to achieve the intraday high of $4.541 at 10:25AM, the contract then withdrew to cross midday at $4.481. Withdrawing further as the session drew on, prices fell to an intraday low of $4.346 at 2:25PM. December closed lower on Monday at $4.361.
The EIA Natural Gas Storage Report published last Thursday posted a 45 BCF injection to storage for the week ended November 7 – below the market estimate of a 34 BCF injection. Total working gas in storage was reported as 3,960 BCF; 0.2% below this time last year and 4.5% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was up $0.100; Natural Gas was down $0.008; Heating Oil was up $0.052; and Gasoline was down $0.006.
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
