November NYMEX Natural Gas Futures Contract Closed at $2.957 on Thursday, October 19th

Thursday, October 19th saw the front-month NYMEX Natural Gas Futures Contract open at $3.028, three cents below Wednesday’s closing price of $3.056. Rising confidently to attain the $3.070 level leading up to the weekly storage publication, the contract tallied an intraday high of $3.091 at 10:25AM. Losing its footing as the bearish storage report hit the wire, prices plummeted to the $2.970 mark. Crossing midday at $2.985, the contract fell to an intraday low of $2.959 at 1:05PM. November closed lower on Thursday at $2.957.

The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended October 13 –above the market estimate of 80 BCF. Total working gas in storage was reported as 3,626 BCF; 9.0% above this time last year and 5.1% above the five-year average.

As of 6:50 AM EST this morning in Globex, WTI Crude was up $1.23; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up two cents.
                                                                                                 
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.
 

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.