October NYMEX Natural Gas Futures Contract Closed at $2.662 on Tuesday, August 29th

Tuesday, August 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.550, three cents below Monday’s closing price of $2.579. Straddling the $2.550 mark for the majority of day, prices marked an intraday high of $2.599 at 9:30AM and an intraday low of $2.515 ahead of 2:30PM. The September contract settled lower on Tuesday at $2.556.

The more actively traded October contract forged a similar path to trade along the $2.660 level, peaking at $2.692 at 9:30AM. October closed nearly flat on Tuesday at $2.662.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended August 25. This compares to a 61 BCF injection at this time last year and a five-year average injection amount of 51 BCF.

As of 6:40AM EST this morning in Globex, WTI Crude was up 62 cents; Natural Gas was up one cent; Heating Oil was down three cents; and Gasoline was up one cent.
                                      
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.
 

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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.