Thursday, December 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.282, four cents above Wednesday’s closing price of $2.243. Posting a modest ascent through the session’s opening hour, prices leveled off near $2.295 ahead of 10:30AM. Cascading down to an intraday low of $2.259 by 11:10AM, in response to the weekly storage publication, the contract then rebounded into the afternoon. Reclaiming the $2.30 level near midday, prices rose to a near one-week intraday high of $2.348 at 2:20PM as January closed higher on Thursday at $2.328.
The EIA Natural Gas Storage Report published on Thursday showed a 73 BCF withdrawal from storage for the week ended December 6th – just below the market estimate of 76 BCF. Total working gas in storage was reported as 3,518 BCF: 20.3% above this time last year and 0.4% below the five-year average.
As of 9:15AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was down three cents; Heating Oil was up two cents; and Gasoline was up two cents.
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