January NYMEX Natural Gas Futures Contract Closed at $4.854 on Monday, November 29th

Monday, November 29th saw the front-month NYMEX Natural Gas Futures Contract open at $4.936, fifty-one cents below Friday’s closing price of $5.447. Following Friday’s contract expiration-induced rally, prices withdrew ahead of yesterday’s opening as short-term forecasts have turned bearish. Marking an intraday low of $4.825 at 9:20AM, prices traded within a four-cent range of $4.870 heading into midday, and then rose to tally an intraday high of $4.951 at 12:20PM. January closed lower on Monday at $4.854.
 
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 58 BCF withdrawal from storage for the week ended November 26th. This compares to a one BCF withdrawal at this time last year and a five-year average withdrawal amount of 31 BCF.
 
As of 6:15AM EST this morning in Globex, WTI Crude was down $1.95; Natural Gas was down 19 cents; Heating Oil was down four cents; and Gasoline was down four cents.
 
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