Friday, September 12th saw the front-month NYMEX Natural Gas contract open at $2.941, $0.007 above Thursday’s closing price of $2.934. Elevating early on to mark the intraday high of $3.000 at 9:45AM, traders continued to battle bearish fundamentals comprised of waning LNG demand, stout storage levels, and typical shoulder-season demand. Plodding gradually lower through midday, the contract found the intraday low of $2.933 at 2:15PM. October closed higher on Friday at $2.941; down 3.5% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 71 BCF injection to storage for the week ended September 5 – above the market estimate of a 66 BCF injection. Total working gas in storage was reported as 3,343 BCF; 1.1% below this time last year and 6.0% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was up $0.130; Natural Gas was down $0.003; Heating Oil was up $0.020; and Gasoline was up $0.006.
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