Monday, November 28th saw the December NYMEX Natural Gas Futures Contract open at $6.521, fifty cents below Friday’s closing price of $7.024. With limited trading activity the December contract settled at $6.712.
Ready to assume the prompt-month position January opened at $7.005, thirty-three cents below Friday’s closing price of $7.330. Recovering from a reduction in weather-driven demand, per the latest forecasts, the contract rose from the opening intraday low to cross midday at $7.207. Marking the intraday high of $7.273 minutes later, prices moved sideways into the afternoon as January closed lower on Monday at $7.196.
The EIA Natural Gas Storage Report published last Wednesday showed an 80 BCF withdrawal from storage for the week ended November 18 – below the market estimate of 86 BCF. Total working gas in storage was reported as 3,564 BCF; 1.7% below this time last year and 1.1% below the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was up $1.88; Natural Gas was up nine cents; Heating Oil was up five cents; and Gasoline was up four cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
