Friday, October 23rd saw the front-month NYMEX Natural Gas contract open at $2.733, $0.063 below Thursday’s closing price of $2.796. Achieving the intraday high of $2.740 in the minutes following the opening bell, prices traded lower into the morning as continued mild weather forecasts failed to entice buyers. Crossing midday at $2.658, the contract marked an intraday low of $2.635 ahead of 2:30PM. November closed lower on Friday at $2.640; down 15.3% on the week.
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 6:32AM this morning, WTI Crude was down $2.160; Natural Gas was down $0.130; Heating Oil was up $0.034; and Gasoline was down $0.018.
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
