November 5, 2021
Thursday, November 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $5.663, just below Wednesday’s closing price of $5.670. In a volatile day of trading, the contract hovered near $5.750 leading up to the weekly storage publication. Following a momentary jump to $5.806 as the publication hit the wire, the contract then withdrew to an intraday low of $5.535 at 11:30AM as weather forecasts continue to be the primary catalyst. Posting a dramatic recovery heading into the afternoon to reach an intraday high of $5.850 at 1:20PM, December closed higher on Thursday at $5.716.
The EIA Natural Gas Storage Report published on Thursday showed a 63 BCF injection to storage for the week ended October 29–in line with the market estimate of 68 BCF. Total working gas in storage was reported as 3,611 BCF; 8.0% below this time last year and 2.7% below the five-year average.
As of 6:00AM EST this morning in Globex, WTI Crude was up 76 cents; Natural Gas was down 12 cents; Heating Oil was up two cents; and Gasoline was up one cent.
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