Thursday, November 13th saw the front-month NYMEX Natural Gas contract open at $4.550, $0.017 above Wednesday’s closing price of $4.533. Marking the intraday low of $4.519 at 9:45AM, the contract then rallied despite conflicting weather forecasts. Speculative trading drove prices higher to eclipse $4.635 by midday and proceeded to achieve a twenty-two-month intraday high of $4.688 at 1:55PM. December closed higher on Thursday at $4.646.
The EIA Natural Gas Storage Report is due out Friday at 10:30AM. The report is expected to show a 34 BCF injection to storage for the week ended November 7. This compares to a 41 BCF injection this time last year and a five-year average injection amount of 35 BCF.
As of 7:00AM this morning in Globex, WTI Crude was up $0.940; Natural Gas was down $0.107; Heating Oil was up $0.059; and Gasoline was up $0.018.
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