December 7, 2023
Wednesday, December 6
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.734, two cents above Tuesday’s closing price of $2.710. Recording the intraday high of $2.742 within minutes of the open, prices trended lower through morning, stabilizing near $2.690 by 10:30AM. Shortly thereafter prices plunged into the $2.50 level as news broke of a delay in the opening of a new LNG train. Effectively slowling the export rate of LNG next year. Marking a three-month intraday low of $2.541 at 2:15PM, January closed lower on Wednesday at $2.569
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 109 BCF withdrawal from storage for the week ended December 1
st. This compares to a 21 BCF withdrawal at this time last year and a five-year average withdrawal amount of 48 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up 29 cents; Natural Gas was down six cents; Heating Oil was up three cents; and Gasoline was up one cent.
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