Tuesday, October 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.903, $0.020 below Monday’s closing price of $2.923. Posting a choppy ascent to attain the intraday high of $2.942 ahead of 10:00AM, prices then withdrew to mark the intraday low of $2.855 an hour later. Choppy trading along $2.900 through the afternoon, any bullish potential was muted by forecasts for reduced cooling demand and millions of customers in the Southeast still without power due to Hurricane Helene. November closed lower on Tuesday at $2.896.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 52 BCF injection to storage for the week ended September 27th. This compares to an 86 BCF injection this time last year and a five-year average injection amount of 98 BCF.
As of 6:33AM EST this morning in Globex, WTI Crude was up $2.30; Natural Gas was up three cents; Heating Oil was up six cents; and Gasoline was up four cents.
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.
