Monday, October 27th saw the front-month NYMEX Natural Gas contract open at $3.324, $0.020 above Friday’s closing price of $3.304. Marking the intraday low of $3.313 within minutes of the opening bell, updated weather forecasts and continued LNG demand provided ample support as the contract climbed into the morning. Seesawing along $3.430 into the afternoon, November marked an intraday high of $3.469 at 2:25PM, closing higher on Monday at $3.442.
The EIA Natural Gas Storage Report published last Thursday posted an 87 BCF injection to storage for the week ended October 17 – above the market estimate of an 81 BCF injection. Total working gas in storage was reported as 3,808 BCF; 0.9% above this time last year and 4.5% above the five-year average.
As of 7:20AM this morning in Globex, WTI Crude was down $0.830; Natural Gas was down $0.140; Heating Oil was down $0.020; and Gasoline was down $0.015.
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