Wednesday, November 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.939, a penny below Tuesday’s closing price $2.949. Climbing to $2.988 by 9:30AM, the contract traded along either side of $2.955 for the majority of the day. Falling to an intraday low of $2.921 at 1:10PM, prices then ascended rapidly to record an intraday high of $3.035 at 2:20PM, as weather forecasts remain supportive. The December contract closed higher on Wednesday at $3.031.
The EIA Natural Gas Storage Report is due out on Friday at 10:30AM. The report is expected to show a three BCF withdrawal from storage for the week ended November 6th. This compares to a 3 BCF injection at this time last year and a five-year average injection amount of 33 BCF.
As of 8:45AM EST this morning in Globex, WTI Crude was up eleven cents; Natural Gas was down three cents; Heating Oil was down slightly; and Gasoline was down one cent.
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