October NYMEX Natural Gas Futures Contract Closed at $2.487 on Thursday, September 3rd

Thursday, September 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.512, three cents above Wednesday’s closing price of $2.486.  Ascending to an intraday high of $2.567 by 9:40AM, the contract fell to $2.530 ahead of the weekly storage report’s release.  Jumping to $2.555 following the report’s publication, prices cascaded lower into the afternoon to tally an intraday low of $2.456 at 1:30PM.  The October contract closed nearly flat on Thursday at $2.487.

The EIA Natural Gas Storage Report published on Thursday showed a 35 BCF injection to storage for the week ended August 28th – below the market estimate of 47. Total working gas in storage was reported as 3,455 BCF: 18.4% above this time last year and 13.4% above the five-year average.

As of 7:15AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was up three cents; Heating Oil was up one cents; and Gasoline was flat.

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.

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.