Tuesday, December 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.175, down $0.039 compared to Monday’s closing price of $3.214. Pulling back to record the intraday low of $3.091 at 10:30AM, the contract then reversed direction, which would gain momentum to close out the day. Trading at $3.163 as of 1:00PM, prices surged to an intraday high of $3.321 at 2:15PM, which analysts are attributing to short-covering and the slightest bullish shift in weather forecasts. January closed higher on Tuesday at $3.308.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 134 BCF withdrawal from storage for the week ended December 13. This compares to an 87 BCF withdrawal this time last year and a five-year average withdrawal amount of 92 BCF.
As of 6:50AM this morning in Globex, WTI Crude was up $0.510; Natural Gas was up $0.057; Heating Oil was up $0.024, and Gasoline was up $0.018.
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