Wednesday, November 20th saw the front month NYMEX Natural Gas Futures Contract open at $3.097, up $0.099 compared to Tuesday’s closing price of $2.998. Supportive by the arrival of seasonal temperatures, as long last, a brief dip to the intraday low of $3.109 at 9:45AM, then contract continued the latest rally. Losing steam just after midday, as prices reached a ten-month intraday high of $3.229, December traded sideways into the afternoon to close higher on Wednesday at $3.193.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 5 BCF injection to storage for the week ended November 15th. This compares to a 7 BCF withdrawal this time last year and a five-year average withdrawal amount of 16 BCF.
As of 7:05AM this morning in Globex, WTI Crude was up $1.450; Natural Gas was up $0.202; Heating Oil was up $0.037; and Gasoline was $0.032.
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