Monday, October 19th saw the front-month NYMEX Natural Gas contract open at $3.141, $0.025 above Friday’s closing price of $3.116. Recording the intraday high of $3.153 within minutes of the opening bell, the contract then trended lower as both the U.S. and European weather models aligned to call for a bearish back end of the month. Stabilizing near $3.080 by 10:30AM and stepping lower to $3.060 shortly after midday, prices slipped to an intraday low of $3.051 at 2:25PM. November closed lower on Monday at $3.058.
Last Thursday, the EIA Natural Gas Storage Report published posted a 67 BCF injection to storage for the week ended October 9 – below the market estimate of 75 BCF. Working gas in storage was reported as 3,567 BCF; 3.9% below this time last year and 1.3% above the five-year average.
In Globex, as of 6:25AM this morning, WTI Crude was up $5.110; Natural Gas was down $0.059; Heating Oil was up $0.056; and Gasoline was up $0.016.
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
