Thursday, November 8th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.544, one cent below Wednesday’s closing price of $3.555. Ascending to the $3.56 level at 9:30AM, prices returned to the day’s opening mark an hour later as the storage report loomed. Sinking to the intraday low of $3.503 in reaction to the bullish injection, the contract proceeded to build gradually higher throughout the day as short-term below average forecasts continue to provide support. Marking the intraday high of $3.568 ahead of 2:00PM, December closed lower on Thursday at $3.543.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended November 2nd – above the market estimate of 58 BCF. Total working gas in storage was reported as 3,208 BCF; 15.3% below this time last year and 16.2% below the five-year average.
This morning in Globex, WTI Crude was down 90 cents; Natural Gas was up 12 cents; Heating Oil was down three cents; and Gasoline was down three cents.
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