Thursday, September 4th saw the front-month NYMEX Natural Gas contract open at $3.081, $0.017 above Wednesday’s closing price of $3.064. Declining to trade along $3.070 leading up to the weekly storage report, prices dropped to the intraday low of $3.022 as the in-line injection hit the wire. Posting a confident recovery soon thereafter, the contract rose to tally the intraday high of $3.130 at 11:45AM. Stabilizing near $3.080 into the afternoon as fundamentals remained stagnant, October closed higher on Thursday at $3.074.
The EIA Natural Gas Storage Report published on Thursday posted a 55 BCF injection to storage for the week ended August 29 – in line with the market estimate of a 56 BCF injection. Total working gas in storage was reported as 3,272 BCF; 2.2% below this time last year and 5.6% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $0.510; Natural Gas was up $0.009; Heating Oil was down $0.016; 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