Thursday, September 21st, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.061, three cents below Wednesday’s closing price of $3.094. Entering the market with a bout of selling, prices quickly tumbled to $3.025 where traders then awaited the 10:30AM storage report. Descending rapidly below $3.00 as the larger-than-expected storage injection was published, the contract withdrew to $2.965 by midday. Despite forecasts for above-normal temperatures lasting into next week, October fell to the intraday low of $2.942 before closing down on Thursday at $2.946.
The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended September 15th – above the market estimate of 90 BCF. Total working gas in storage was reported as 3,408 BCF; 3.8% below this time last year and 2.0% above the five-year average.
This morning in Globex, WTI Crude was down 15 cents; Natural Gas was up slightly; Heating Oil was down slightly; and, Gasoline was up one cent. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to firstname.lastname@example.org or call 1-855-466-2842.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.