Tuesday, October 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.126, nearly two cents above Monday’s closing price of $3.109. Recording the intraday high of $3.127 within minutes of the open, the contract was directed lower once again as production remains healthy and weather unsupportive. Falling to an intraday low of $3.024 ahead of midday, prices traded along either side of $3.070 through the afternoon hours as November closed lower on Tuesday at $3.079.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 80 BCF injection to storage for the week ended October 13th. This compares to a 111 BCF injection at this time last year and a five-year average injection amount of 85 BCF.
As of 6:30 AM EST this morning in Globex, WTI Crude was up $2.69; Natural Gas was up slightly; Heating Oil was up one cent; and Gasoline was up five 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.