Tuesday, November 28
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.732, six cents below Monday’s closing price of $2.794. In a light day of trading, prices rose to an intraday high of $2.795 at 11:15AM and fell to an intraday low of $2.669 at 2:05PM. December settled lower on Tuesday at $2.706.
Set assume the front-month position on this morning, the January contract opened at $2.913, three cents below Monday’s closing price of $2.946. Steady production and unimpressive weather forecasts continue to provide bearish pressure as prices posted a meager ascent to reach $2.942 at 11:15AM, before ultimately trending lower. Marking the intraday low of $2.831 ahead of 2:30PM, January closed lower at $2.837.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 3 BCF injection to storage for the week ended November 24
th. This compares to an 81 BCF withdrawal at this time last year and a five-year average withdrawal amount of 44 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was $1.35; Natural Gas was down five cents; Heating Oil up slightly; and Gasoline was up three cents.
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