Wednesday, December 19th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.650, nearly nineteen cents below Tuesday’s closing price of $3.838. Unable to sustain Tuesday’s growth, as it was seemingly based purely on technical trading, prices continued downward to reach the intraday low of $3.563 by 9:30AM. Despite consistent forecasts for short-term above average temperatures, the contract rose confidently from 11:00AM to cross midday near $3.650 and tallied the intraday high of $3.764 ahead of 2:30PM. January closed lower on Wednesday at $3.726.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 147 BCF withdrawal from storage for the week ended December 14th. This compares to a 182 BCF withdrawal at this time last year and a five-year average withdrawal amount of 144 BCF.
This morning in Globex, WTI Crude was down $1.34; Natural Gas was up 16 cents; Heating Oil was down two cents; and Gasoline was down two cents.
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