October NYMEX Natural Gas Futures Contract Closed at $2.765 on Friday, September 1st

Friday, September 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.819, five cents above Thursday’s closing price of $2.768. Climbing steadily early on to record an intraday high of $2.860 at 10:45AM, the contract then pulled back and proceeded to withdraw for the balance of the day. Weighing in the impact of current storage levels against the latest forecast for September cooling demand, October closed nearly flat on Friday at $2.765.

The EIA Natural Gas Storage Report published last Thursday showed a 32 BCF injection to storage for the week ended August 25 – aligning with market estimate of 35 BCF. Total working gas in storage was reported as 3,115 BCF; 18.4% above this time last year and 8.7% above the five-year average.

As of 6:05AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was down 14 cents; Heating Oil was up five cents; and Gasoline was up slightly.
                                                 
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.