Friday, November 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.002, six cents below Thursday’s closing price of $3.062. Recording the intraday high of $3.004 out of the gate, the contract then continued the previous session’s storage-induced sell off. Stabilizing near $2.920 by 11:00AM, prices fell to a three-week intraday low of $2.893 at 1:55PM. December closed lower on Friday at $2.960.
The EIA Natural Gas Storage Report published last Thursday showed a 60 BCF injection to storage for the week ended November 10th – above the market estimate of 48 BCF. The report for the week ended November 3rd fell within expectations, showing a 6 BCF withdrawal. Total working gas in storage was reported as 3,833 BCF; 5.4% above this time last year and 5.6% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up $1.02; Natural Gas was down eight cents; Heating Oil was up four cents; and Gasoline was up three cents.
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