Thursday, November 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.803, nearly three cents below Wednesday’s closing price of $2.828. Trading modestly higher through the session’s opening ninety minutes to reach $2.815, prices then surged to the intraday high of $2.882 as the bullish storage report was published at 10:30AM. Losing support to return to the $2.81 level by midday, the contract withdrew further into the afternoon to record an intraday low of $2.753 at 12:30PM and again at 2:00PM. Treading into overbought territory, selling dominated the back half of the session as the December contract closed lower on Thursday at $2.772.
The EIA Natural Gas Storage Report published on Thursday showed a 34 BCF injection to storage for the week ended November 1st – below the market estimate of 43 BCF. Total working gas in storage was reported at 3,729 BCF: 16.6% above this time last year and 0.8% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was down 83 cents; Natural Gas was up three cents; Heating Oil was down three cents; and Gasoline was down two cents.
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