Tuesday, November 11th saw the front-month NYMEX Natural Gas contract open at $4.373, $0.035 above Monday’s closing price of $4.338. Marking the intraday low of $4.369 within minutes of the opening bell, prices surged higher into the morning as LNG demand persisted and weather forecasts remained supportive. Trading along either side of $4.530 through midday, the contract rallied to attain an eight-month intraday high of $4.581 at 2:25PM. December closed higher on Tuesday at $4.565.
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 7:30AM this morning in Globex, WTI Crude was down $0.640; Natural Gas was down $0.041; Heating Oil was down $0.042; and Gasoline was down $0.006.
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