Tuesday, October 27th saw the front-month NYMEX Natural Gas contract open at $2.649, $0.047 above Monday’s closing price of $2.602. Marking the intraday low of $2.611 at 9:45AM, the contract the posted a steady ascent that spanned well into the afternoon. Having drifted into oversold territory, prices rose to tally an intraday high of $2.713 at 1:45PM. November closed higher on Tuesday at $2.697.
The more actively traded December contract closed $0.018 lower at $3.004.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 70 BCF injection to storage for the week ended October 23. This compares to a 74 BCF injection this time last year and a five-year average injection amount of 77 BCF.
In Globex, as of 7:25AM this morning, WTI Crude was up $1.750; Natural Gas was up $0.090; Heating Oil was up $0.010; and Gasoline was up $0.009.
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