Thursday, December 5th saw the front month NYMEX Natural Gas Futures Contract open at $3.113, up $0.070 compared to Wednesday’s closing price of $3.043. Encouraged overnight by additionally HDD’s adding to the short-term forecast, the contract traded along $3.125 leading up to the weekly storage report. Posting a meager jump to the intraday high of $3.155 as the publication hit the wire, prices then withdrew into the afternoon. Recording the intraday low of $3.047 at 1:00PM, January closed higher on Thursday at $3.079.
The EIA Natural Gas Storage Report published on Thursday showed a 30 BCF withdrawal from storage for the week ended November 22 – in line the market estimate of a 35 BCF injection. Total working gas in storage was reported as 3,939 BCF; 4.9% above this time last year and 7.8% above the five-year average.
As of 7:20AM this morning in Globex, WTI Crude was down $0.600; Natural Gas was down $0.061; Heating Oil was down $0.190, and Gasoline was down $0.014.
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