Thursday, October 30th saw the front-month NYMEX Natural Gas contract open at $3.883, $0.068 above Wednesday’s closing price of $3.815. Trading along either side of $3.890 in the hour leading up to the weekly storage publication, prices momentarily fell to the intraday low of $3.845 as the report hit the wire. Shaking off the historically bearish injection, prices rose to cross midday at $3.900 as weather forecasts provided support. Marking the intraday high of $3.965 at 2:25PM, December closed higher on Thursday at $3.965.
The EIA Natural Gas Storage Report published on Thursday posted a 74 BCF injection to storage for the week ended October 24 – even with the market estimate of a 74 BCF injection. Total working gas in storage was reported as 3,882 BCF; 0.8% above this time last year and 4.6% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $0.180; Natural Gas was up $0.111; Heating Oil was down $0.050; and Gasoline was down $0.012.
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
