Wednesday, November 11th saw the front-month NYMEX Natural Gas contract open at $3.362, $0.070 above Tuesday’s closing price of $3.296. Ascending to an intraday high of $3.397, prices soon reversed direction. Withdrawing to reach $3.288 by midday, the contract fell to an intraday low of $3.207 ahead of 2:30PM. December closed lower on Wednesday at $3.215.
The EIA Natural Gas Storage Report is due out Thursday 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 6:30AM this morning, WTI Crude was down $0.560; Natural Gas was up $0.054; Heating Oil was up $0.003; and Gasoline was up $0.005.
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