December 12, 2023
Monday, December 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.349, twenty-three cents below Friday’s closing price of $2.581. With continued bearish forecasts and steady production persisting over the weekend, prices fell to a near six-month intraday low of $2.294 by 9:15AM. Chopping around the $2.320 level throughout the morning, the contract then found buyers heading into midday. Ascending to an intraday high of $2.437 ahead of 2:30PM as prices had slipped into over-sold territory, January closed lower on Monday at $2.431.
The EIA Natural Gas Storage Report published on Thursday showed a 117 BCF withdrawal from storage for the week ended December 1 – above the market estimate of a 109 BCF withdrawal. Total working gas in storage was reported as 3,719 BCF; 7.3% above this time last year and 6.7% above the five-year average.
As of 6:05AM EST this morning in Globex, WTI Crude was down 27 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was flat.
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