Tuesday, November 26th – settlement day for the December Contract – saw the front-month NYMEX Natural Gas Futures Contract open at $2.460, seven cents below Monday’s closing price of $2.531. Choppy trading persisted into the morning hours as a few dips to $2.427 ultimately fell to a one-month intraday low of $2.421 at 12:50PM, as bearish forecasts have, at least for the time being, scared off any rallies to the $3.00 level. Posting a late day rally, the December contract settled lower on Tuesday at $2.470. The more actively traded January contract opened six cents lower at $2.528 and closed at $2.533.
The EIA Natural Gas Storage Report is due out at 12:00PM today. The report is expected to show a 37 BCF withdrawal from storage for the week ended November 22nd. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 57 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was up 14 cents; Natural Gas was unchanged; Heating Oil was up one cent; and Gasoline was down one cent.
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