Wednesday, November 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $4.591, forty-nine cents above Tuesday’s closing price of $4.101. Spanning a twenty-four cent range during the day’s opening hour, marking the intraday low of $4.363 ahead of 9:30AM, the contract rose drastically through the balance of the morning and into the afternoon. Initially driven by below-average temperatures amid overbought conditions, this week’s rally has also been supported by short covering. Swelling to a more than four-year intraday high of $4.904 at 1:00PM, December closed roughly 18% higher on Wednesday at $4.837.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 36 BCF injection to storage for the week ended November 9th. This compares to an 18 BCF withdrawal at this time last year and a five-year average injection amount of 19 BCF.
This morning in Globex, WTI Crude was up 23 cents; Natural Gas was down 26 cents; Heating Oil was down slightly; and Gasoline was up slightly.
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