Wednesday, November 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $5.511, three cents above Monday’s closing price of $5.542. Slipping to an intraday low of $5.488 early on, prices continued the previous days’ rally to $5.690 ahead of 10:00AM as short-term forecasts are calling for below average temperatures. Extending to an intraday high of $5.750 at 12:50PM, December closed higher on Wednesday at $5.670.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 68 BCF injection to storage for the week ended October 29. This compares to a 36 BCF withdrawal at this time last year and a five-year average injection amount of 38 BCF.
As of 5:50AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up two cents.
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