Tuesday, October 28th saw the front-month NYMEX Natural Gas contract open at $3.337, $0.105 below Monday’s closing price of $3.442. Losing ground overnight due to warming forecasts and expiration volatility, prices recorded an intraday low of $3.296 at 9:15AM. Mounting a recovery effort through the day to record the intraday high of $3.406 at 2:05PM, November closed lower on Tuesday at $3.345.
Ready to assume the front-month position on Thursday, December closed $0.130 lower at $3.867.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 74 BCF injection to storage for the week ended October 24. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 67 BCF.
As of 7:15AM this morning in Globex, WTI Crude was up $0.170; Natural Gas was down $0.116; Heating Oil was down $0.002; 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