Monday, December 2nd saw the front month NYMEX Natural Gas Futures Contract open at $3.180, down $0.183 compared to Friday’s closing price of $3.363. Dampened over the weekend by steady production and a forecasted mid-month thaw, prices attempted to rally as the intraday high of $3.279 was achieved at 10:35AM. Unable to sustain this recovery effort, the contract withdrew to mark the intraday low of $3.177 at 2:15PM. December closed lower on Monday at $3.213.
The EIA Natural Gas Storage Report published last Thursday showed a 2 BCF withdrawal from storage for the week ended November 22 – in line with the market estimate of a 3 BCF injection. Total working gas in storage was reported as 3,967 BCF; 3.5% above this time last year and 7.2% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was up $0.810; Natural Gas was up $0.046; Heating Oil was up $0.025; and Gasoline was up $0.017.
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