Wednesday, October 21st saw the front-month NYMEX Natural Gas contract open at $2.848, $0.115 below Monday’s closing price of $2.963. Knocked down overnight by bearish revisions to the already unsupportive weather forecast, prices traded within a penny of $2.835 through 11:00AM. Marking the intraday high of $2.849 at 11:00AM, the contract withdrew further into the session. Reaching an intraday low of $2.779 at 2:05PM, November closed lower on Wednesday at $2.790.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended October 16. This compares to an 87 BCF injection this time last year and a five-year average injection amount of 87 BCF.
In Globex, as of 8:10AM this morning, WTI Crude was up $2.320; Natural Gas was down $0.014; Heating Oil was up $0.157; and Gasoline was up $0.080.
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