Monday, December 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.343, six cents above Friday’s closing price of $2.281. Tumbling to the $2.300 level on Friday as forecasts for supportive weather have disappeared, there seemed to be consensus among traders that they’re now in oversold territory. Falling from the intraday high as the opening bell rang, prices slipped lower into the morning until reaching an intraday low of $2.289 at 11:10AM. Fighting off additional losses, January closed higher on Monday at $2.329.
As of 8:00AM EST this morning in Globex, WTI Crude was down 30 cents; Natural Gas was up nine cents; Heating Oil was down one cent; and Gasoline was down slightly.
New York and New England basis values were lower for the current winter months and unchanged for the following summer season. Additionally, cash prices were higher in New York and lower in New England.
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