Monday, November 11th saw the front month NYMEX Natural Gas Futures Contract open at $2.867, up $0.198 compared to Friday’s closing price of $2.669. Recording the intraday low as markets opened, the contract prolonged its pre-opening momentum to achieve a five-week intraday high of $2.956 at 9:55AM. Supported by threatening storms in the Gulf and possible short covering, prices seesawed along $2.925 for the balance of the session. December closed higher on Monday at $2.920.
The EIA Natural Gas Storage Report published last Thursday showed a 69 BCF injection to storage for the week ended November 1 – in line with the market estimate of a 66 BCF injection. Total working gas in storage was reported as 3,932 BCF; 4.2% above this time last year and 5.8% above the five-year average.
As of 6:10AM this morning in Globex, WTI Crude was up $0.320; Natural Gas was down $0.012; Heating Oil was up $0.017 and Gasoline was up $0.010.
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