Monday, December 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.689, twelve cents below Friday’s closing price of $2.814. Falling to a two-month intraday low of $2.649 shortly after 10:00AM, forecasts continue to deflate the market as NatGasWeather.com is calling for light national demand in the coming two weeks. Mounting a recovery effort through the afternoon to tally an intraday high of $2.703 ahead of 2:30PM, January closed lower on Monday at $2.694.
The EIA Natural Gas Storage Report published last Thursday showed a 10 BCF injection to storage for the week ended November 24 – above the market estimate of a 3 BCF injection. Total working gas in storage was reported as 3,836 BCF; 9.8% above this time last year and 8.6% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down eight cents; Natural Gas was up three cents; Heating Oil was up slightly; and Gasoline was unchanged.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
