Friday, October 3rd saw the front-month NYMEX Natural Gas contract open at $3.341, $0.101 below Thursday’s closing price of $3.442. Finding buyers early on as prices shot to the intraday high of $3.451 at 9:15AM, the contract proceeded to arc lower through the morning. With bearish temperatures forecasted for coming week, prices traded along $3.355 through the afternoon. Marking an intraday low of $3.307 at 2:25PM, November closed lower on Friday at $3.324; up 3.7% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 53 BCF injection to storage for the week ended September 26 – below the market estimate of a 61 BCF injection. Total working gas in storage was reported at 3,561 BCF; 0.6% above this time last year and 5.0% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was up $0.082; Natural Gas was down $0.125; Heating Oil was up $0.011; and Gasoline was up $0.024.
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
