Thursday, October 23rd saw the front-month NYMEX Natural Gas contract open at $3.400, $0.050 below Wednesday’s closing price of $3.450. Trading along the $3.395 level leading up to the weekly storage publication, prices momentarily fell to $3.350 as the bearish-leaning report hit the wire. Recovering to record an intraday high of $3.463 at 11:55AM, conflicting weather forecasts then directed the contract lower. Marking the intraday low of $3.330 at 2:25PM, November closed lower on Thursday at $3.344.
The EIA Natural Gas Storage Report published on Thursday posted an 87 BCF injection to storage for the week ended October 17 – above the market estimate of an 81 BCF injection. Total working gas in storage was reported as 3,808 BCF; 0.9% above this time last year and 4.5% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was up $0.270; Natural Gas was down $0.060; Heating Oil was down $0.013; and Gasoline was up $0.007.
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
