Thursday, November 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.678, nearly eight cents above Wednesday’s closing price of $2.600. Stepping lower early on, following the overnight jump, prices stabilized along $2.660 through 10:30AM. Plummeting to an intraday low of $2.625 at 10:40AM upon the storage publication’s release, prices whipsawed over the following two hours and posted a staggered ascent to an intraday high of $2.695 at 12:30PM. Selling then dominated the afternoon as December closed higher on Thursday at $2.647.
The EIA Natural Gas Storage Report published on Thursday showed a 3 BCF injection to storage for the week ended November 8th – just below the market estimate of 6 BCF. Total working gas in storage was reported as 3,732 BCF: 15.1% above this time last year and 0.1% above the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was up two cents; Heating Oil was down slightly; and Gasoline was unchanged.
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