Monday, September 29th saw the front-month NYMEX Natural Gas contract open at $3.168, $0.038 below Friday’s closing price of $3.206. Recording the intraday low of $3.144 ahead of 9:05AM, traders turned their attention to the seasonal shift from cooling demand to heating demand. Reclaiming overnight losses by 10:00AM, the contract ascended to cross midday at $3.237 and tally a two-month intraday high of $3.299 at 12:45PM. November closed higher on Monday at $3.267.
The EIA Natural Gas Storage Report published last Thursday posted a 75 BCF injection to storage for the week ended September 19 – in line with the market estimate of a 79 BCF injection. Total working gas in storage was reported as 3,508 BCF; 0.6% above this time last year and 6.1% above the five-year average.
As of 8:00AM this morning in Globex, WTI Crude was down $1.190; Natural Gas was up $0.022; Heating Oil was down $0.020; and Gasoline was down $0.039.
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
