Thursday, November 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.188, nearly even to Wednesday’s closing price of $3.190. Recording the intraday high of $3.195 minutes after the opening bell, the contract traded along the $3.160 mark until the 10:30AM two-week storage report. Plunging to an intraday low of $3.028 as the bearish publication hit the wire, prices stabilized near $3.050 by midday and traded sideways into the afternoon. December closed lower on Thursday at $3.062.
The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF injection to storage for the week ended November 10
th – above the market estimate of 48 BCF. The report for the week ended November 3
rd fell within expectations, showing a 6 BCF withdrawal. Total working gas in storage was reported as 3,833 BCF; 5.4% above this time last year and 5.6% above the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was up 90 cents; Natural Gas was down three cents; Heating Oil was up one cent; and Gasoline was up one cent.
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