Tuesday, November 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.756, four cents above Monday’s closing price $2.711. After jumping higher overnight, prices traded within a tight band near $2.760 for the majority of the day. Tallying an intraday low of $2.741 at 11:10AM and an intraday high of $2.780 ahead of closing, December closed higher on Tuesday at $2.775. The more actively traded January Contract, set to take the front-month position on Friday, posted a similar trend by trading along either side of $2.886. January closed higher on Tuesday at $2.900.
In observance of the Thanksgiving holiday the next market report will be published on Monday, November 30th.
The EIA Natural Gas Storage Report is due out today at 12:00PM. The report is expected to show a 19 BCF withdrawal from storage for the week ended November 20th. This compares to a 28 BCF withdrawal at this time last year and a five-year average withdrawal amount of 37 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was up 40 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was up slightly.
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