On Wednesday, November 27th – the January NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.530, just below Tuesday’s closing price of $2.533, the contract fluctuated along either side of $2.515 until the weekly storage publication was released at noon; a day early due to the Thanksgiving holiday. Posting a meager jump to $2.532 as the report hit the wire, prices soon trended lower and continued into the afternoon. January closed lower on Wednesday at $2.501.
The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF withdrawal from storage for the week ended November 22nd – below the market estimate of 37 BCF. Total working gas in storage was reported as 3,610 BCF: 17.9% above this time last year and 0.9% below the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was up $1.01; Natural Gas was up four cents; Heating Oil was up three cents; and Gasoline was up three cents.
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