November NYMEX Natural Gas Futures Contracts Closed at $3.056 on Thursday, September 27th

On Thursday, September 27th –the November NYMEX Natural Gas Futures Contracts began trading as the prompt month.  Opening at $2.993, above Wednesday’s closing price of $2.980, prices rose to the $3.02 level ahead of the 10:30AM storage publication.  Jumping above $3.065 as markets reacted to the bullish report, expectations for the inventory report ranged to the upper sixties.  Seeking direction through the balance of the morning, the contract jumped to a fresh eight-month intraday high of $3.111 at noon.  Paring its gains as the session drew on, November finished higher Thursday to close at $3.056.

The EIA Natural Gas Storage Report published on Thursday showed a 46 BCF injection to storage for the week ended September 21st –below the market estimate of 52 BCF.  Total working gas in storage was reported as 2,768 BCF; 20.0% below this time last year and 18.3% below the five-year average.

This morning in Globex, WTI Crude was up 11 cents; Natural Gas was down seven cents; Heating Oil was up slightly; and, Gasoline was unchanged.  

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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