Friday, November 21st saw the front-month NYMEX Natural Gas contract open at $4.528, $0.054 above Thursday’s closing price of $4.474. Buoyed overnight be renewed calls for frigid temperatures to start December, the contract posted a staggered ascent that would span the majority of the session. Finding additional support from short-covering, prices marked an intraday low of $4.526 at 9:45AM and rose to an intraday high of $4.675 at 1:25PM. December closed higher on Friday at $4.580.
The EIA Natural Gas Storage Report published last Thursday posted a 14 BCF withdrawal from storage for the week ended November 14 – in line with the market estimate of a 13 BCF injection. Total working gas in storage was reported as 3,946 BCF; 0.6% below this time last year and 3.8% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was down $0.090; Natural Gas was down $0.074; Heating Oil was down $0.053; and Gasoline was up $0.002.
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 1-855-466-284
