Wednesday, October 29th saw the front-month NYMEX Natural Gas contract open at $3.243, $0.102 below Tuesday’s closing price of $3.345. Climbing throughout the day, November settled higher on Wednesday at $3.376.
The more actively traded December contract opened at $3.802, $0.065 below Tuesday’s closing price of $3.867. Recording an intraday low of $3.752 at 9:12AM, prices trended higher into the morning as updated forecasts are calling for below average temperatures in the short term. Marking the intraday high of $3.864 at 11:35AM and again shortly after midday, December closed lower on Wednesday at $3.815.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 74 BCF injection to storage for the week ended October 24. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 67 BCF.
As of 7:15AM this morning in Globex, WTI Crude was down $0.460; Natural Gas was down $0.025; Heating Oil was down $0.029; and Gasoline was down $0.011.
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
