Wednesday, December 29th saw the front-month NYMEX Natural Gas Futures Contract open at $4.033, two cents below Wednesday’s closing price of $4.055. Prices would hit an intraday high of $4.041 minutes after open, around 9:40AM. Prices then dropped steadily until about 10:20AM, before experiencing a brief midday rally back up towards the daily highs. Ultimately, prices would return to a decline as the contract closed out the day at an intraday low of $3.850.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 125 BCF withdrawal from storage for the week ended December 24TH. This compares to a 120 BCF withdrawal at this time last year and a five-year average withdrawal amount of 122 BCF.
As of 10:10AM EST this morning in Globex, WTI Crude was up $.48; Natural Gas was down ten cents; Heating Oil was up two cents; and Gasoline was up two cents.
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