Wednesday, November 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.507, five cents below Tuesday’s closing price of $3.555. In a volatile day of trading, the contract traded within a five-cent range through the morning, marking the intraday low $3.492 at 11:40AM, before recovering into the afternoon. Marking the intraday high of $3.560 at 2:20PM, as traders continued to assess the impact of forecasted below-average temperatures, December closed flat on Wednesday at $3.555.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 58 BCF injection to storage for the week ended November 2nd. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 48 BCF.
This morning in Globex, WTI Crude was down six cents; Natural Gas was down two cents; Heating Oil was down three cents; and Gasoline was up one cent.
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