Monday, November 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.794, six cents below Friday’s closing price of $2.855. Following a four-cent decline during Friday’s session, a bearish shift in expected heating demand and steady production pushed the front-month lower early Monday. Slipping to the intraday low of $2.731, traders managed to fend off any additional losses as the contract reclaimed the $2.800 level late in the day. Marking the intraday high of $2.805 at 2:15PM, December closed lower on Monday at $2.794.
Set to assume the front-month position on Wednesday, the January contract closed five cents lower at $2.946.
The EIA Natural Gas Storage Report published last Thursday showed a 7 BCF withdrawal from storage for the week ended November 17 – below the market estimate of a 2 BCF injection. Total working gas in storage was reported as 3,826 BCF; 7.0% above this time last year and 7.0% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was up 77 cents; Natural Gas was up six cents; Heating Oil up one cent; and Gasoline was up three cents.
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