December NYMEX Natural Gas Futures Contract Closed at $2.942 on Thursday, November 5th

Thursday, November 5th saw the front-month NYMEX Natural Gas Futures Contract open at $3.086, four cents above Wednesday’s closing price $3.046.  Fluctuating along $3.080 until 10:30AM, prices jumped to an intraday high of $3.107 as the bullish storage report hit the wire.  Trending defiantly lower soon thereafter, the contract crossed the $3.00 level.  Continuing to an intraday low of $2.934 at 2:20PM, the December contract closed lower on Thursday at $2.942.

The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended October 30th – larger than the market estimate of 27 BCF. Total working gas in storage was reported as 3,919 BCF: 5.4% above this time last year and 5.4% above the five-year average.

As of 8:45AM EST this morning in Globex, WTI Crude was down 82 cents; Natural Gas was down two cents; Heating Oil was down two cents; and Gasoline was down two cents.

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