Wednesday, November 15
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.184, eight cents above Tuesday’s closing price of $3.106. Fluctuating along $3.180 early on and falling to an intraday low of $3.162 shortly after 10:00AM, traders then mounted a rally that would result in an intraday high of $3.275 at 11:30AM. Withdrawing into the afternoon, December closed slightly lower on Wednesday at $3.190.
Markets continue to monitor the latest weather and production news. One item of note is the drought-induced backup at the Panama Canal, causing interminable delays and stranding LNG vessels destined for the Pacific.
The EIA Natural Gas Storage Report for the weeks ended November 3
rd and 10
th will be
published on November 16th to complete a planned systems upgrade. The report for the
combined two weeks ended November 10
th is expected to show a 48 BCF injection to storage. This compares to a 143 BCF injection for this time period last year and a five-year average injection amount of 56 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up six cents; Heating Oil was flat; and Gasoline was down two cents.
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