Friday, November 15th saw the front month NYMEX Natural Gas Futures Contract open at $2.729, down $0.056 compared to Thursday’s closing price of $2.785. Marking the intraday low of $2.718 within minutes of the open, traders overlooked market fundamentals a short covering likely provided support throughout the session. Ascending to cross midday at $2.795, prices rose to an intraday high of $2.829 at 2:15PM. December closed higher on Friday at $2.823; up nearly 6% on the week.
The EIA Natural Gas Storage Report published last 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 6:40AM this morning in Globex, WTI Crude was up $0.190; Natural Gas was up $0.078; Heating Oil was up $0.021; and Gasoline was up $0.009.
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