Wednesday, November 5th saw the front-month NYMEX Natural Gas contract open at $4.279, $0.064 below Tuesday’s closing price of $4.343. Ascending to record the intraday high of $4.346 at 10:40AM, prices then reversed course as the contract had wandered into over-bought territory. Cascading lower to find the intraday low of $4.214 at 2:25PM, December closed lower on Wednesday at $4.232.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 32 BCF injection to storage for the week ended October 31. This compares to a 67 BCF injection this time last year and a five-year average injection amount of 42 BCF.
As of 7:30AM this morning in Globex, WTI Crude was up $0.400; Natural Gas was up $0.071; Heating Oil was up $0.065; and Gasoline was up $0.046.
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