Friday, November 6th saw the front-month NYMEX Natural Gas contract open at $2.986, $0.039 above Thursday’s closing price of $2.947. In a volatile day of trading, prices initially trended lower to achieve an intraday low of $2.920 at 10:45AM. Assessing revised short-term forecasts, now calling for increased heating demand, though still historically bearish, prices traded higher into midday. Recording the intraday high of $3.031 at 1:30PM, December closed higher on Friday at $2.998.
Last Thursday, the EIA Natural Gas Storage Report published posted a 77 BCF injection to storage for the week ended October 30 – in line with the market estimate of 82 BCF. Working gas in storage was reported as 3,801 BCF; 2.8% below this time last year and 1.4% above the five-year average.
In Globex, as of 6:42AM this morning, WTI Crude was down $2.680; Natural Gas was up $0.016; Heating Oil was down $0.069; and Gasoline was down $0.068.
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
