December NYMEX Natural Gas Futures Contract Closed at $2.862 on Tuesday, November 5th

Tuesday, November 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.879, six cents above Monday’s closing price of $2.821.  Losing a couple cents ahead of 9:15AM, prices then rose steadily from $2.855 until reaching the intraday high of $2.889 at 11:30AM with continued support from short covering and short term cold weather forecasts.  Following last year’s trajectory, if conditions turn mild by the end of the month and persist into December, the contract could collapse rather quickly.  Trading lower into the afternoon to record an intraday low of $2.834 at 1:30PM, December recovered in the following hour to close higher on Tuesday at $2.862.

As of 8:45AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was down one cent. 

New York and New England basis values were higher for the current winter months and unchanged for the following summer season. Additionally, cash prices were higher in New York and New England.

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