November 30, 2021
Monday, November 29th saw the front-month NYMEX Natural Gas Futures Contract open at $4.936, fifty-one cents below Friday’s closing price of $5.447. Following Friday’s contract expiration-induced rally, prices withdrew ahead of yesterday’s opening as short-term forecasts have turned bearish. Marking an intraday low of $4.825 at 9:20AM, prices traded within a four-cent range of $4.870 heading into midday, and then rose to tally an intraday high of $4.951 at 12:20PM. January closed lower on Monday at $4.854.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 58 BCF withdrawal from storage for the week ended November 26th. This compares to a one BCF withdrawal at this time last year and a five-year average withdrawal amount of 31 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down $1.95; Natural Gas was down 19 cents; Heating Oil was down four cents; and Gasoline was down four cents.
Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.