Friday, December 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.209, nine cents below Tuesday’s closing price of $2.294. After open, prices began to fall before quickly spiking to an intraday high of $2.220 at 10:30AM. After this rapid spike, prices resumed their steady descent to an intraday low of $2.138 at 2:00PM. January prices jumped at the end of the day, finishing at $2.231, six cents below Thursday’s closing price.
The EIA Natural Gas Storage Report published on Thursday showed a 164 BCF withdrawal from storage for the week ended December 20th – above the market estimate of 119 BCF. Total working gas in storage was reported as 3,249 BCF; 18.9% above this time last year and 2.1% below the five-year average.
New England basis values were higher for the current winter months and for the following summer season. Whereas New York basis values were down for the current winter months and unchanged for the following summer season. Additionally, cash prices were unchanged in New York and in New England.
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