October NYMEX Natural Gas Futures Contract Closed at $2.656 on Tuesday, September 26th

Tuesday, September 26th saw the front-month NYMEX Natural Gas Futures Contract open at $2.572, seven cents below Monday’s closing price of $2.639. Slipping to the intraday low of $2.558 within minutes of the opening bell, weak forecasted demand and light LNG exports sank prices overnight. Recovering through the morning hours to peak at the intraday high of $2.654 at midday, October closed higher on Tuesday at $2.656.

The more actively traded November contract opened at $2.818, eight cents below Monday’s closing price. Posting a similar path throughout the day, November closed lower at $2.845.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 90 BCF injection to storage for the week ended September 22nd. This compares to a 103 BCF injection at this time last year and a five-year average injection amount of 84 BCF.

As of 6:30AM EST this morning in Globex, WTI Crude was up $1.51; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up three cents.
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.

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.