On Friday, December 28th – the February NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $3.356, nineteen cents below Thursday’s closing price of $3.546, prices fluctuated along the $3.35 level through 10:30AM. Posting a meager jump to the intraday high of $3.405 by 10:40AM, following the weekly storage publication, momentum soon faded as the contract crossed midday at $3.314. Awaiting support for the next cold snap to move in, February marked an eight-week intraday low of $3.278 before closing lower on Friday at $3.303.
The EIA Natural Gas Storage Report published on Thursday showed a 48 BCF withdrawal from storage for the week ended December 21st – in line with the market estimate of 50 BCF. Total working gas in storage was reported as 2,725 BCF; 18.6% below this time last year and 19.2% below the five-year average.
This morning in Globex, WTI Crude was up 77 cents; Natural Gas was down 18 cents; Heating Oil was up four cents; and Gasoline was up three cents.
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