December 1, 2021
Tuesday, November 30th saw the front-month NYMEX Natural Gas Futures Contract open at $4.555, thirty cents below Monday’s closing price of $4.854. Falling to a three-month intraday low of $4.482 early on, the contract chopped around the $4.52 level until gaining upward momentum near midday. Marking an intraday high of $4.688 at 1:50PM, trying to fend off the bearish weather-induced sell off, January closed lower on Tuesday at $4.567; down 6% on the day and 16% since Friday.
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 6:10AM EST this morning in Globex, WTI Crude was up $2.90; Natural Gas was down 11 cents; Heating Oil was up nine cents; and Gasoline was up eight cents.
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