Thursday, December 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.611, seventeen cents below Wednesday’s closing price $2.780. Attaining an intraday high of $2.617 within minutes of the opening bell, prices then cascaded lower as updated forecasts for above average conditions will linger until mid-December. Trading near $2.540 as the weekly storage publication hit the wire, a brief jump to $2.584 soon gave way to additional selling. Recording an eight-week intraday low of $2.484 at 11:40AM, the January contract closed lower on Thursday at $2.507.
The EIA Natural Gas Storage Report published on Thursday showed a 1 BCF withdrawal from storage for the week ended November 27th – below the market estimate of 24 BCF. Total working gas in storage was reported as 3,939 BCF: 9.5% above this time last year and 7.9% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was down 59 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent.
Natural Gas Glossary
Natural Gas Supplier
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.
