Wednesday, September 23rd saw the front-month NYMEX Natural Gas contract open at $3.039, $0.074 above Tuesday’s closing price of $2.965. Recording an eleven-week intraday high of $3.042 ahead of 9:05AM, the contract then withdrew to reach the intraday low of $2.959 at 10:15AM. Struggling to find a balance between cooling weather, lower production, and short covering, prices arced higher once again to trade along $3.020 by 11:00AM. Trading sideways into the afternoon, October closed higher on Wednesday at $3.023.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 56 BCF injection to storage for the week ended September 18. This compares to a 75 BCF injection this time last year and a five-year average injection amount of 76 BCF.
In Globex, as of 6:20AM this morning, WTI Crude was up $1.230; Natural Gas was up $0.040; Heating Oil was up $0.024; and Gasoline was up $0.007.
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
