Wednesday, September 24th saw the front-month NYMEX Natural Gas contract open at $2.855, $0.002 above Tuesday’s closing price of $2.853. Recording the intraday low of $2.831 at 9:10AM, prices crept cautiously higher to achieve the intraday high of $2.914 at 11:05AM, which analysts attributed to short covering. Stepping lower into the afternoon amid weak fundamentals, October closed slightly higher on Wednesday at $2.858.
The more actively traded November contract closed $0.007 lower at $3.133.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 79 BCF injection to storage for the week ended September 19. This compares to a 48 BCF injection this time last year and a five-year average injection amount of 76 BCF.
As of 7:00AM this morning in Globex, WTI Crude was down $0.160; Natural Gas was up $0.030; Heating Oil was up $0.024; and Gasoline was down $0.008.
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