Wednesday, November 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.862, even to Tuesday’s closing price. Ascending to an intraday high of $2.886 by 10:00AM, markets then began a gradual pullback that persisted well into the afternoon. Taking a breather following a $0.20 jump in prices since the December contract began trading as the prompt month last week, prices fell to an intraday low of $2.820 at 2:20PM as traders square their positions ahead of today’s storage report. December closed lower on Wednesday at $2.828.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 43 BCF injection to storage for the week ended November 1st. This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 57 BCF.
As of 9:15AM EST this morning in Globex, WTI Crude was up $1.02; Natural Gas was down three cents; Heating Oil was up one cent; and Gasoline was up one cent.
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