Friday, September 11th saw the front-month NYMEX Natural Gas contract open at $2.799, $0.035 below Thursday’s closing price of $2.834. Recording the intraday low of $2.790 at 9:15AM and an intraday high of $2.846 at 10:25AM, the contract proceeded to trade near $2.810 into the afternoon. Balancing fading cooling demand against steady LNG exports, October closed lower on Friday at $2.831; down 4.8% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 40 BCF injection to storage for the week ended September 4 – above the market estimate of 35 BCF. Working gas in storage was reported as 3,254 BCF; 2.4% below this time last year and 4.8% above the five-year average.
In Globex, as of 7:25AM this morning, WTI Crude was up $2.920; Natural Gas was up $0.071; Heating Oil was up $0.108; and Gasoline was up $0.126.
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