Thursday, November 15th saw the front-month NYMEX Natural Gas Futures Contracts open at $4.559, twenty-eight cents below Wednesday’s closing price of $4.837. Jumping to the intraday high of $4.602 shortly after markets opened, the contract then shed thirty cents before stabilizing near $4.300 by 10:00AM. Seesawing along this mark until 10:30AM as the weekly storage report broke news of an injection that was in line with analysts’ expectations, prices soon trended lower to realign with market fundamentals. Tallying the intraday low of $3.930 at 12:10PM, a rally to the $4.22 level into the early afternoon ultimately gave way as December closed lower on Thursday at $4.038.
The EIA Natural Gas Storage Report published on Thursday showed a 39 BCF injection to storage for the week ended November 9th – above the market estimate of 36 BCF. Total working gas in storage was reported as 3,247 BCF; 14.0% below this time last year and 15.6% below the five-year average.
This morning in Globex, WTI Crude was up $1.20; Natural Gas was up eleven cents; Heating Oil was up two cents; and Gasoline was up three cents.
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