November 30, 2022
Tuesday, November 29
th saw the January NYMEX Natural Gas Futures Contract open at $7.282, nine cents above Monday’s closing price of $7.196. Climbing to the intraday high of $7.421 by 10:10AM, traders are awaiting the next catalyst as weather forecasts remain stale. Trading within a ten-cent range of $7.200 throughout the afternoon, prices fell to the intraday low of $7.092 shortly after 2:10PM, as January closed higher on Tuesday at $7.235.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 86 BCF withdrawal from storage for the week ended November 24. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 34 BCF.
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