Tuesday, October 21st saw the front-month NYMEX Natural Gas contract open at $3.426, $0.029 above Monday’s closing price of 3.397. Marking an intraday low of $3.357 at 9:05AM and an intraday high of $3.478 at 10:25AM, bullish weather forecasts for month-end continued to provide support throughout the day. Seesawing along the $3.400 level into the afternoon, November closed higher on Tuesday at $3.474.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 81 BCF injection to storage for the week ended October 17. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 77 BCF.
As of 6:50AM this morning in Globex, WTI Crude was up $1.060; Natural Gas was down $0.015; Heating Oil was up $0.024; and Gasoline was up $0.025.
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