Friday, November 22nd saw the front month NYMEX Natural Gas Futures Contract open at $3.167, down $0.172 compared to Friday’s closing price of $3.339. Marking the intraday high of $3.197 within minutes of the opening bell, the contract continued its retreat to record an intraday low of $3.071 at 11:00AM. Trading sideways along $3.120 into the afternoon, analysts attributed the pullback to traders squaring their positions ahead of the weekend, following the week’s notable ascent. December closed lower on Friday at $3.129; up 10.8% on the week.
The EIA Natural Gas Storage Report published last Thursday showed a 3 BCF withdrawal from storage for the week ended November 15 – below the market estimate of a 5 BCF injection. Total working gas in storage was reported as 3,969 BCF; 3.7% above this time last year and 6.4% above the five-year average.
As of 6:40AM this morning in Globex, WTI Crude was down $0.160; Natural Gas was up $0.166; Heating Oil was up $0.004; and Gasoline was down $0.010.
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