Friday, November 7th saw the front-month NYMEX Natural Gas contract open at $4.283, $0.074 below Thursday’s closing price of $4.357. Recording the intrada low of $4.276 within minutes of the opening bell, prices rose to trade along the $4.350 level by 10:00AM. Reaching an intraday high of $4.396 at 11:15AM, the contact withdrew into the afternoon as traders squared their positions ahead of the weekend. December closed lower on Friday at $4.315; up 4.6% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 33 BCF injection to storage for the week ended October 31 – in line with the market estimate of a 32 BCF injection. Total working gas in storage was reported as 3,915 BCF; 0.2% below this time last year and 4.3% above the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was up $0.190; Natural Gas was up $0.147; Heating Oil was up $0.003; and Gasoline was up $0.018.
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