Monday, November 20
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.888, seven cents below Friday’s closing price of $2.960. Ascending gradually to reach an intraday high of $2.938 at 10:45AM, prices were knocked down over the weekend by a materially bearish shift in the weather forecast. With additional pressure being applied from ample storage and production, the contract trended lower into the afternoon. Marking the intraday low of $2.874 ahead of 2:30PM, December closed lower on Monday at $2.882.
The EIA Natural Gas Storage Report published last 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 6:30AM EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was down two cents.
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