Thursday, December 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.450, a penny above Wednesday’s closing price $2.442. Trading along $2.475 through 10:00AM following an early jump, thanks to slightly cooler forecasts, prices surged as high as $2.587 as the weekly storage publication hit the wire. Recording an intraday high of $2.594 ahead of midday, the contract sustained this momentum into the afternoon to close higher on Thursday at $2.553
The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended December 4th – above the market estimate of 80 BCF. Total working gas in storage was reported as 3,848 BCF: 8.7% above this time last year and 7.2% above the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was down five cents; Natural Gas was up three cents; Heating Oil was up slightly; and Gasoline was down slightly.
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