Tuesday, November 18th saw the front-month NYMEX Natural Gas contract open at $4.305, $0.056 below Monday’s closing price of $4.361. Falling to an intraday low of $4.235 at 10:55AM as traders took note of ample supply, bargain buying then took hold. Launching from $4.281 at midday, prices rallied to mark the intraday high of $4.391 at 1:40PM. December closed higher on Tuesday at $4.371.
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 7:30AM this morning in Globex, WTI Crude was down $1.390; Natural Gas was up $0.070; Heating Oil was down $0.081; and Gasoline was down $0.050.
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