Tuesday, November 8th saw the December NYMEX Natural Gas Futures Contract open at $6.450, forty-nine cents below Monday’s closing price of $6.944. Recording the intraday high of $6.466 within minutes of the open, prices continued their pre-session decline as Tropical Storm Nicole could bring demand destruction to the southern coast. Finding an intraday low of $6.062 at 1:35PM, December closed lower on Tuesday at $6.138.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended October 28. This compares to a 7 BCF injection at this time last year and a five-year average injection amount of 20 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down $1.42; Natural Gas was down 27 cents; Heating Oil was down seven cents; and Gasoline was down six cents.
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