Thursday, October 16th saw the front-month NYMEX Natural Gas contract open at $3.015, $0.001 above Wednesday’s closing price of $3.016. Trading sideways near $3.020 leading up to the weekly storage report, prices briefly rose to the intraday high of $3.067 as the publication hit the wire. Continuing bearish fundamentals drove the contract lower into the afternoon to mark an intraday low of $2.934 at 2:15PM. November closed lower on Thursday at $2.938.
The EIA Natural Gas Storage Report published last Thursday posted an 80 BCF injection to storage for the week ended October 10 – in line with the market estimate of an 82 BCF injection. Total working gas in storage was reported at 3,721 BCF; 0.7% above this time last year and 4.3% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was down $0.390; Natural Gas was down $0.011; Heating Oil was down $0.020; and Gasoline was down $0.008.
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
