January NYMEX Natural Gas Futures Contract Closed at $3.814 on Thursday, December 9th

Thursday, December 9th saw the front-month NYMEX Natural Gas Futures Contract open at $3.782, three cents above Wednesday’s closing price of $3.815.  Marking the intraday low of $3.768 within minutes of the opening bell, prices traded along the $3.820 mark in the hour leading up to the weekly storage publication.  Lacking any material reaction to the report’s release, the contract found upward momentum heading into midday.  Peaking at an intraday high of $3.924 at 11:50AM, the contract withdrew into the afternoon. January closed nearly flat on Thursday at $3.814.
 
The EIA Natural Gas Storage Report published on Thursday showed a 59 BCF withdrawal from storage for the week ended December 3rd–greater than the market estimate of 48 BCF. Total working gas in storage was reported as 3,505 BCF; 9.2% below this time last year and 2.5% below the five-year average.
 
As of 6:30AM EST this morning in Globex, WTI Crude was up 59 cents; Natural Gas was up seven cents; Heating Oil was up slightly; and Gasoline was up one cent.
 
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