Monday, November 25th saw the front month NYMEX Natural Gas Futures Contract open at $3.312, up $0.183 compared to Friday’s closing price of $3.129. Taking a momentary pause from its pre-opening rally, prices touched down to the intraday low of $3.307 at 9:15AM only to mount another ascent. Supported by forecasts for increased heating demand, prices rose to a 13-month intraday high of $3.461 at 11:25AM. Lacking stability with settlement looming near, December withdrew into the afternoon to close higher on Monday at $3.369.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 3 BCF withdrawal from storage for the week ended November 15th. This compares to a 7 BCF withdrawal this time last year and a five-year average withdrawal amount of 16 BCF.
As of 6:35AM this morning in Globex, WTI Crude was up $0.680; Natural Gas was up $0.053; Heating Oil was up $0.032; and Gasoline was up $0.014.
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
