Thursday, September 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.347, six cents below Wednesday’s closing price of $2.406. Seeking direction in the session’s opening ninety minutes, prices rose to $2.369 at 9:20AM only to sink to $2.325 an hour later. Surging to an intraday high of $2.391 following the weekly publication, despite the injection aligning with market expectations, the contract once again trended lower in to the afternoon. The market is currently in a downward trend following last month’s meteoric hurricane-induced climb, traders are now balancing waning demand through the shoulder months against a pickup in LNG demand. The October contract closed lower on Thursday at $2.323.
The EIA Natural Gas Storage Report published on Thursday showed a 70 BCF injection to storage for the week ended September 4th – in line with the market estimate of 68. Total working gas in storage was reported as 3,525 BCF: 17.6% above this time last year and 13.1% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was down 34 cents; Natural Gas was down three cents; Heating Oil was unchanged; and Gasoline was down one cent.
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.