Monday, September 28th saw the front-month NYMEX Natural Gas contract open at $3.088, $0.108 below Friday’s closing price of $3.196. With limited trading activity October settled lower on Monday at $3.000.
Ready to assume the front-month position, November opened at $3.123, $0.102 below Friday’s closing price of $3.225. Ascending to the intraday high of $3.159 at 10:38AM, prices trended lower into the afternoon as traders assessed lower demand and the October contract’s settlement. Marking the intraday low of $3.081 at 2:05PM, November closed lower on Monday $3.106.
The EIA Natural Gas Storage Report published last Thursday posted a 53 BCF injection to storage for the week ended September 18 – in line with the market estimate of 56 BCF. Working gas in storage was reported as 3,351 BCF; 4.2% below this time last year and 2.9% above the five-year average.
In Globex, as of 7:45AM this morning, WTI Crude was down $0.770; Natural Gas was up $0.002; Heating Oil was down $0.086; and Gasoline was down $0.065.
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
