Monday, November 18th saw the front month NYMEX Natural Gas Futures Contract open at $2.854, up $0.031 compared to Friday’s closing price of $2.823. Recovering from a brief dip to the intraday low of $2.832, updated forecasts for increased weather driven demand to close out the month provided support as the contract rose to $2.920 by midday. Achieving an intraday high of $2.977 ahead of 2:30PM, December closed higher on Monday at $2.973.
The EIA Natural Gas Storage Report published last Thursday showed a 42 BCF injection to storage for the week ended November 8 – in line with the market estimate of a 41 BCF injection. Total working gas in storage was reported as 3,974 BCF; 4.1% above this time last year and 6.1% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was down $0.540; Natural Gas was up $0.090; Heating Oil was down $0.014; and Gasoline was down $0.013.
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