On Thursday, November 29th – the January NYMEX Natural Gas Futures Contracts began trading as the prompt month. Opening at $4.558, fourteen cents below Wednesday’s closing price of $4.699, prices fluctuated along either side of $4.545 as traders sought direction through 10:30AM. Falling to the intraday low of $4.452 as the bearish storage withdrawal was published, the contract soon recovered and crossed midday near $4.530. Ascending into the afternoon to reach the intraday high of $4.663 ahead 1:00PM, January closed lower on Thursday at $4.646.
The EIA Natural Gas Storage Report published on Thursday showed a 59 BCF withdrawal to storage for the week ended November 23rd – below the market estimate of 68 BCF. Total working gas in storage was reported as 3,054 BCF; 17.4% below this time last year and 19.1% below the five-year average.
This morning in Globex, WTI Crude was down 67 cents; Natural Gas was down seven cents; Heating Oil was down three cents; and Gasoline was down two cents.
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