Thursday, October 25th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.205, four cents above Wednesday’s closing price of $3.166. Fluctuating along either side of $3.195 through 10:30AM, the larger than expected EIA storage injection then directed prices to the intraday low of $3.153. Rallying in the following thirty minutes to reach the intraday high of $3.233, the contract seesawed along $3.205 for the balance of the day as weather continues to play a key role in the market’s volatility. November closed higher on Thursday at $3.202.
The EIA Natural Gas Storage Report published on Thursday showed a 58 BCF injection to storage for the week ended October 19th – above the market estimate of 55 BCF. Total working gas in storage was reported as 3,095 BCF; 16.4% below this time last year and 16.8% below the five-year average.
This morning in Globex, WTI Crude was down 65 cents; Natural Gas was down five cents; Heating Oil was down slightly; and, Gasoline was down two cents.
Natural Gas Glossary
Natural Gas Supplier
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.