Tuesday, November 19th saw the front month NYMEX Natural Gas Futures Contract open at $2.927, up $0.046 compared to Monday’s closing price of $2.973. Recording the intraday low of $2.919 within minutes of the open, the contract battled conflicting fundamentals as storage levels approach the 4 TCF mark and increased demand has been forecasted to close out the month. Ascending to the intraday high of $3.058 at 12:30PM, December closed higher on Tuesday at $2.998.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 5 BCF injection to storage for the week ended November 15th. This compares to a 7 BCF withdrawal this time last year and a five-year average withdrawal amount of 16 BCF.
As of 7:15AM this morning in Globex, WTI Crude was up $0.470; Natural Gas was $0.109; Heating Oil was down $0.002; and Gasoline was up $0.019.
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