November 21, 2022
Friday, November 18
th saw the December NYMEX Natural Gas Futures Contract open at $6.126, twenty-four cents below Thursday’s closing price of $6.369. Prices moved lower overnight as forecasts for the end of the month turned milder than previously expected. Additionally, the Freeport LNG terminal has pushed the return to full capacity of 2 BCF/day to mid-January. Marking the intraday low of $6.045 at 9:25AM, the contract rose over the following two hours to peak at an intraday high of $6.475. Trading along either side of $6.300 for the balance of the day, December closed lower on Friday at $6.303; up 7% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 64 BCF injection to storage for the week ended November 11 – in line with the market estimate of 61 BCF. Total working gas in storage was reported as 3,644 BCF; 0.1% above this time last year and 0.2% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down 22 cents; Natural Gas was down two cents; Heating Oil was flat; and Gasoline was flat.
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