December 21, 2023
Wednesday, December 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.422, eight cents below Monday’s closing price of $2.492. Ascending to the intraday high of $2.539 by 9:45AM, analysts continued to keep an eye on the latest forecasts amid substantial storage figures and a mild December. Stabilizing to trade near $2.47 by midday, the contract lost ground once again as the closing bell drew near. Marking the intraday low of $2.434 ahead of 2:30PM, January closed lower on Wednesday at $2.447.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 84 BCF withdrawal from storage for the week ended December 15th. This compares to an 87 BCF withdrawal at this time last year and a five-year average withdrawal amount of 107 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was down $1.23; Natural Gas was up four cents; Heating Oil was down three cents; and Gasoline was down five cents.
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