Thursday, November 14th saw the front month NYMEX Natural Gas Futures Contract open at $2.960, down $0.023 compared to Wednesday’s closing price of $2.983. Marking the intraday high of $2.964 within minutes of the opening bell, the contract moved sideways along the $2.945 level leading up to the weekly storage publication. Following the above average injection, coupled with historically warm temperatures to start the month, prices trended lower for the balance of the session. Reaching the intraday low of $2.781, December closed lower on Thursday at $2.785.
The EIA Natural Gas Storage Report published on Thursday showed a 42 BCF injection to storage for the week ended November 8 – in line with the market estimate of a 41 BCF injection. Total working gas in storage was reported as 3,974 BCF; 4.1% above this time last year and 6.1% above the five-year average.
As of 6:55AM this morning in Globex, WTI Crude was down $0.250; Natural Gas was down $0.084; Heating Oil was down $0.013; and Gasoline was down $0.002.
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