Wednesday, September 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.467, nearly seven cents above Tuesday’s closing price of $2.400. Ascending to an intraday high of $2.480 within minutes of 9:00AM, the contract proceeded to lose 6% in the following ninety minutes. Recording an intraday low of $2.328 ahead of 11:00AM, traders mounted a staggered climb that would surpass $2.425 by 1:15PM. Battling continued volatility, October closed slightly higher on Wednesday at $2.406.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 68 BCF injection to storage for the week ended September 4th. This compares to a 78 BCF injection at this time last year and a five-year average injection amount of 68 BCF.
As of 8:35AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down slightly.
Natural Gas Glossary
Natural Gas Supplier
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.