Wednesday, October 1st saw the front-month NYMEX Natural Gas contract open at $3.363, $0.063 above Tuesday’s closing price of $3.303. Falling to record the intraday low of $3.318, uncertainty surrounding the government shutdown then sent prices higher. Combined with updated cooler forecasts, the contract rose to tally an 11-week intraday high of $3.492 at 2:15PM. November closed higher on Wednesday at $3.476.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 61 BCF injection to storage for the week ended September 26. This compares to a 55 BCF injection this time last year and a five-year average injection amount of 85 BCF.
As of 7:30AM this morning in Globex, WTI Crude was down $0.340; Natural Gas was down $0.060; Heating Oil was down $0.024; and Gasoline was down $0.011.
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