November 7, 2022
Friday, November 4
th saw the December NYMEX Natural Gas Futures Contract open at $6.167, nineteen cents above Thursday’s closing price of $5.975. Giving up ground until finding the intraday low of $5.902 shortly after 10:30AM, the contract mounted an assertive ascent that would span well into the afternoon. Buoyed by the latest bullish weather forecasts, prices rose to an intraday high of $6.476 ahead of closing higher on Friday at $6.400.
The EIA Natural Gas Storage Report published on Thursday showed a 107 BCF injection to storage for the week ended October 28 – above the market estimate of 98 BCF. Total working gas in storage was reported as 3,501 BCF; 2.8% below this time last year and 3.7% below the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was down 85 cents; Natural Gas was up 70 cents; Heating Oil was down six cents; and Gasoline was down four cents.
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