Wednesday, November 19th saw the front-month NYMEX Natural Gas contract open at $4.540, $0.169 above Tuesday’s closing price of $4.371. The contract found renewed support overnight as LNG exports neared all-time highs and forecasts for a cold month-end gained confidence. Hovering along either side of $4.525 through the morning, prices reached an intraday low of $4.502 at 10:55AM. Climbing to an intraday high of $4.602 at 12:50PM, December closed higher on Wednesday at $4.550.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 13 BCF withdrawal from storage for the week ended November 14. This compares to a 3 BCF withdrawal this time last year and a five-year average injection amount of 12 BCF.
As of 7:10AM this morning in Globex, WTI Crude was up $0.590; Natural Gas was down $0.004; Heating Oil was down $0.010; and Gasoline was up $0.002.
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