Thursday, November 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.568, fifteen cents below Wednesday’s closing price $2.712. Trading near $2.550 through 10:00AM, prices briefly rose to $2.585 until the bearish storage report’s publication thirty minutes later. Tallying a six-week intraday low of $2.525 as the larger-than-expected report hit the wire, the contract then rose confidently into the afternoon. Crossing midday near $2.600 and tallying an intraday high of $2.648 at 1:00PM, the December contract closed lower on Thursday at $2.592.
The EIA Natural Gas Storage Report published on Thursday showed a 31 BCF injection into storage for the week ended November 13th – above the market estimate of -4 BCF. Total working gas in storage was reported as 3,958 BCF: 8.0% above this time last year and 6.2% above the five-year average.
As of 9:15AM EST this morning in Globex, WTI Crude was down eight cents; Natural Gas was up four cents; Heating Oil was down slightly; and Gasoline was unchanged.
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