Wednesday, November 4th saw the front-month NYMEX Natural Gas Futures Contract open at $3.034, two cents below Tuesday’s closing price $3.059. Falling to an intraday low of $3.005 by 10:30AM, buyers then swooped in as prices rose to an intraday high of $3.083 an hour later. With bearish short-term forecasts garnering most of the attention this week, analysts are also expecting the first storage withdrawal in today’s EIA report. Trading near $3.055 for the balance of the day, December closed lower on Wednesday at $3.046.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 27 BCF withdrawal from storage for the week ended October 30th. This compares to a 34 BCF injection at this time last year and a five-year average injection amount of 52 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was down eight cents; Natural Gas was up three cents; Heating Oil was down slightly; and Gasoline was down slightly.
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