Tuesday, October 14th saw the front-month NYMEX Natural Gas contract open at $3.045, $0.073 below Monday’s closing price of $3.118. Trading sideways along $3.045 through 10:00AM, prices then rose to the intraday high of $3.080 at 10:35AM. Recording the intraday low of $3.004 at 11:55AM, markets weighed the current storage glut and weak demand against strong LNG demand and the impending winter season. Largely flat throughout the afternoon, November closed lower on Tuesday at $3.028.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended October 10. This compares to a 76 BCF injection this time last year and a five-year average injection amount of 83 BCF.
As of 7:20AM this morning in Globex, WTI Crude was down $0.030; Natural Gas was down $0.049; Heating Oil was down $0.017; and Gasoline was down $0.003.
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
