December NYMEX Natural Gas Futures Contract Closed at $2.559

Wednesday, November 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.556, nearly five cents above Tuesday’s closing price of $2.510.  Following two days of losses, the contract rose overnight as markets had slipped into oversold territory and traders squared their positions ahead of today’s storage report.  Straddling the $2.54 mark through 10:30AM, prices then fell to an intraday low of $2.531 at 10:40AM.  Trading higher in the following ninety minutes to record an intraday high of $2.581, December closed higher on Wednesday at $2.559.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 87 BCF withdrawal from storage for the week ended November 15th. This compares to a 134 BCF withdrawal at this time last year and a five-year average withdrawal amount of 32 BCF.

As of 8:35AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was down two cents; Heating Oil was up one cent; and Gasoline was unchanged. 
 
Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
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.
 

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.