Wednesday, September 10th saw the front-month NYMEX Natural Gas contract open at $3.017, $0.100 below Tuesday’s closing price of $3.117. Recording the intraday low of $3.008 within minutes of the opening bell, prices fell prior to 9:00AM as LNG demand faded. With stout storage levels, updated weather forecasts for warmer conditions helped to stave off additional selling as the contract recovered to mark the intraday high of $3.070 at 10:10AM. Trading within a tight band near $3.035 into the afternoon, October closed lower on Wednesday at $3.029.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended September 5. This compares to a 40 BCF injection this time last year and a five-year average injection amount of 56 BCF.
As of 7:40AM this morning in Globex, WTI Crude was down $0.650; Natural Gas was up $0.023; Heating Oil was down $0.034; and Gasoline was down $0.026.
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