Wednesday, November 13th saw the front month NYMEX Natural Gas Futures Contract open at $2.857, down $0.050 compared to Tuesday’s closing price of 2.907. Recording the intraday low of $2.849 by 9:15AM, the contract moved cautiously higher to reclaim overnight losses by 11:00AM. Overcoming the weight of healthy storage levels, updated forecasts for increased demand to close out the month provide support as prices ascended through midday to mark the intraday high of $3.004 at 12:45PM. Trading sideways into the afternoon, December closed higher on Wednesday at $2.983.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 41 BCF injection to storage for the week ended November 8th. This compares to a 60 BCF injection this time last year and a five-year average injection amount of 29 BCF.
As of 6:50AM this morning in Globex, WTI Crude was up $0.470; Natural Gas was down $0.035; Heating Oil was up $0.016; and Gasoline was up $0.004.
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