Tuesday, November 12th saw the front month NYMEX Natural Gas Futures Contract open at $2.882, down $0.038 compared to Monday’s closing price of $2.920. Continuing to ride the weather-induced rally from Monday’s session, prices achieved a fresh five-week intraday high of $3.013 at 11:25AM. By midday, updated forecasts threatened the bullish momentum, directing the contract to tally the intraday low of $2.859 at 1:55PM. December closed lower on Tuesday at $2.907.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 49 BCF injection to storage for the week ended November 8th. This compares to a 60 BCF injection this time last year and a five-year average injection amount of 29 BCF.
As of 6:40AM this morning in Globex, WTI Crude was up $0.270; Natural Gas was down $0.047; Heating Oil was up $0.008; and Gasoline was up $0.012.
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