Wednesday, November 12th saw the front-month NYMEX Natural Gas contract open at $4.518, $0.47 above Tuesday’s closing price of $4.565. Recording the intraday high of $4.579 at 10:25AM, the contract then pulled back to trade along either side of $4.515 by midday. Weighed down by near-term mild forecasts while keeping an eye on a possible frigid start to December, prices fell to tally an intraday low of $4.461 at 12:45PM. Posting a meager recovery into the afternoon, December closed lower on Wednesday at $4.533.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 34 BCF injection to storage for the week ended November 7. This compares to a 41 BCF injection this time last year and a five-year average injection amount of 35 BCF.
As of 6:45AM this morning in Globex, WTI Crude was up $0.340; Natural Gas was down $0.063; Heating Oil was down $0.004; and Gasoline was up $0.003.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842
