Tuesday, November 20th saw the front-month NYMEX Natural Gas Futures Contracts open at $4.597, roughly ten cents below Monday’s closing price of $4.700. After recording the intraday high of $4.630 as markets opened, the contract sought direction in the following ninety minutes as prices fluctuated within a six-cent range of $4.540. Trailing downward for the majority of the afternoon to reach the intraday low of $4.274 at 1:50PM, a last minute recovery effort fell short as December closed lower on Tuesday at $4.523.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 115 BCF withdrawal from storage for the week ended November 16th. This compares to a 46 BCF withdrawal at this time last year and a five-year average withdrawal amount of 25 BCF.
This morning in Globex, WTI Crude was up $1.11; Natural Gas was up 11 cents; Heating Oil was up two cents; and Gasoline was up two cents. Additionally, cash prices were higher in New York and New England.
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