Wednesday, October 15th saw the front-month NYMEX Natural Gas contract open at $2.988, $0.040 below Tuesday’s closing price of $3.028. A wave of bearish fundamentals sent the contract momentarily below the $3.00 level during the session as mild forecasts and strong production persisted. Marking an intraday high of $3.041 at 9:30AM and an intraday low of $2.974 at 1:20PM, prices traded within a tight band near $3.000 throughout the session. November closed lower on Wednesday at $3.016
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended October 10. This compares to a 76 BCF injection this time last year and a five-year average injection amount of 83 BCF.
As of 7:35AM this morning in Globex, WTI Crude was up $0.590; Natural Gas was up $0.039; Heating Oil was up $0.029; and Gasoline was up $0.010.
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