December NYMEX Natural Gas Futures Contract Closed at $3.472 on Thursday, November 2nd

Thursday, November 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $3.428, nearly seven cents below Wednesday’s closing price of $3.494. Trading near $3.430 heading into 10:00AM, prices dipped to an intraday low of $3.401 as the weekly storage report hit the wire thirty minutes later. Posting a steady recovery in the following minutes as traders weighed the latest production rates and weather forecasts, the contract rose to tally an intraday high of $3.492 at 11:45AM. Stabilizing near $3.460 through the afternoon, December closed lower on Thursday at $3.472.

The EIA Natural Gas Storage Report published on Thursday showed a 79 BCF injection to storage for the week ended October 27 – in line with the market estimate of 83 BCF. Total working gas in storage was reported as 3,779 BCF; 8.4% above this time last year and 5.7% above the five-year average.

As of 6:20AM EST this morning in Globex, WTI Crude was down 12 cents; Natural Gas was up seven cents; Heating Oil was flat; and Gasoline was down one cent.

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.
 

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.