Monday, October 26th saw the front-month NYMEX Natural Gas contract open at $2.531, $0.109 below Friday’s closing price of $2.640. Recording a six-month intraday low of $2.526 by 9:05AM, the contract trended higher through the morning as forecasts for heating demand remained subdued. Reaching an intraday high of $2.648 shortly after midday, November closed lower on Monday at $2.602.
The more actively traded December contract closed $0.028 lower at $3.022.
Last Thursday, the EIA Natural Gas Storage Report published posted a 77 BCF injection to storage for the week ended October 16 – in line with the market estimate of 75 BCF. Working gas in storage was reported as 3,644 BCF; 4.0% below this time last year and 1.0% above the five-year average.
In Globex, as of 7:25AM this morning, WTI Crude was down $0.870; Natural Gas was down $0.033; Heating Oil was up $0.053; and Gasoline was down $0.027.
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