Wednesday, December 12th saw the front-month NYMEX Natural Gas Futures Contracts open at $4.183, roughly twenty-two cents below Tuesday’s closing price of $4.407. Diminished overnight by updated forecasts predicting a delay in the return of cold weather, we may not see seasonal temperatures again until the end of the month. Launching a recovery effort to mark the intraday high of $4.255 at 10:50AM, the lingering mild stretch then directed prices downward. Reaching the intraday low of $4.109 at 1:50PM, January proceeded to close lower on Wednesday at $4.136.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 85 BCF withdrawal from storage for the week ended December 7th. This compares to a 69 BCF withdrawal at this time last year and a five-year average withdrawal amount of 79 BCF.
This morning in Globex, WTI Crude was down 59 cents; Natural Gas was up nine cents; Heating Oil was down two cents; and Gasoline was down slightly.
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