Wednesday, November 10th saw the front-month NYMEX Natural Gas Futures Contract open at $4.764, twenty-one cents below Tuesday’s closing price of $4.979. Falling to an intraday low of $4.725 by 9:30AM, prices rose steadily heading into the midday storage report. Reaching an intraday high of $4.957 at 11:30AM, the contract withdrew as the weekly storage publication hit the wire thirty minutes later. Trading within a five-cent range of $4.850 for the balance of the day, December closed lower on Wednesday at $4.880.
The EIA Natural Gas Storage Report published on Wednesday showed a 7 BCF injection to storage for the week ended November 5th –below the market estimate of 15 BCF. Total working gas in storage was reported as 3,618 BCF; 7.8% below this time last year and 3.2% below the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was down 67 cents; Natural Gas was up eleven cents; Heating Oil was down two cents; and Gasoline was down one cent.
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