October NYMEX Natural Gas Futures Contract Closed at $2.434 on Friday, September 20th

Friday, September 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.376, three cents above Thursday’s closing price of $2.348. Falling to the intraday low of $2.314 ahead of 10:00AM, the contract then posted a strong reversal that would send prices upwards of $2.390 by midday. Supported by tightening balances and the possibility of more production disruptions due to storms in the Gulf, prices rose to record the intraday high of $2.451 at 2:05PM, October closed higher on Friday at $2.434.

The EIA Natural Gas Storage Report published last Thursday showed a 58 BCF injection to storage for the week ended September 13 – in line with the market estimate of a 53 BCF injection. Total working gas in storage was reported as 3,445 BCF; 6.0% above this time last year and 8.6% above the five-year average.

As of 7:20AM EST this morning in Globex, WTI Crude was up 36 cents; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was flat.

                                                                                                       
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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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