Wednesday, September 9th saw the front-month NYMEX Natural Gas contract open at $2.853, $0.063 below Tuesday’s closing price of $2.916. Down overnight as shoulder season conditions take hold, prices rose to an intraday high of $2.890 at 10:45AM. Giving way to additional selling soon thereafter, traders looked past steady LNG demand and the impending bullish storage injection as the contract fell to an intraday low of $2.809 at 2:05PM. October closed lower on Wednesday at $2.822.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended September 4. This compares to a 71 BCF injection this time last year and a five-year average injection amount of 52 BCF.
In Globex, as of 6:20AM this morning, WTI Crude was up $1.280; Natural Gas was down $0.032; Heating Oil was down $0.052; and Gasoline was up $0.035.
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