Tuesday, September 30th saw the front-month NYMEX Natural Gas contract open at $3.335, $0.068 below Monday’s closing price of $3.267. Recording the intraday high of $3.350 within minutes of the opening bell, prices trended cautiously lower until finding the intraday low of $3.286 at 10:25AM. Range bound for the balance of the session, traders are seemingly awaiting the next market catalyst. November closed higher on Tuesday at $3.303.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 61 BCF injection to storage for the week ended September 26. This compares to a 55 BCF injection this time last year and a five-year average injection amount of 85 BCF.
As of 7:10AM this morning in Globex, WTI Crude was down $0.330; Natural Gas was up $0.090; Heating Oil was up $0.008; and Gasoline was down $0.015.
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