Friday, November 14th saw the front-month NYMEX Natural Gas contract open at $4.475, $0.171 below Thursday’s closing price of $4.646. Following a bearish shift to forecasts overnight, prices continued to pull back leading up to the weekly storage report. Stabilizing near $4.420 by 10:00AM, the contract dipped to the intraday low of $4.376 as the larger-than-expected injection was published. Finding value in the recently diminished contract, prices rallied to finish out the day. December closed lower on Friday at $4.566; up 5.8% on the week.
The EIA Natural Gas Storage Report published on 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 7:30AM this morning in Globex, WTI Crude was down $0.140; Natural Gas was down $0.110; Heating Oil was down $0.021; and Gasoline was down $0.017.
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
