Tuesday, December 3rd saw the front month NYMEX Natural Gas Futures Contract open at $3.125, down $0.088 compared to Monday’s closing price of $3.213. Reaching the intraday high of $3.140 by 9:25AM, a bearish shift in short-term weather forecasts saw the contract withdraw further into the morning. Crossing midday at $3.082, prices fell to mark the intraday low of $3.030 at 1:40PM. January closed lower on Tuesday at $3.042.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 35 BCF withdrawal from storage for the week ended November 22nd. This compares to a 10 BCF injection this time last year and a five-year average withdrawal amount of 30 BCF.
As of 7:00AM this morning in Globex, WTI Crude was up $0.200; Natural Gas was down $0.034; Heating Oil was down $0.003; and Gasoline was down $0.006.
New York basis values were unchanged for all seasons, whereas New England basis values were lower for the current winter month and unchanged for the following summer season. Additionally, cash prices were lower in New York and New England.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842
