Friday, October 10th saw the front-month NYMEX Natural Gas contract open at $3.175, $0.094 below Thursday’s closing price of $3.269. Knocked down overnight by updated forecasts containing weak short-term demand, prices hovered near $3.165 until peaking at an intraday high of $3.199 at 10:45AM. Withdrawing into the afternoon as storage levels remain stout, the contract marked an intraday low of $3.089 at 1:50PM. November closed lower on Friday at $3.106; down 6.6% on the week.
The EIA Natural Gas Storage Report published last Thursday posted an 80 BCF injection to storage for the week ended October 3 – in line with the market estimate of a 75 BCF injection. Total working gas in storage was reported at 3,641 BCF; 0.6% above this time last year and 4.5% above the five-year average.
As of 8:15AM this morning in Globex, WTI Crude was up $0.640; Natural Gas was down $0.030; Heating Oil was up $0.028; and Gasoline was up $0.017.
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
