Thursday, December 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.500, eight cents above Wednesday’s closing price of $2.422. Trending lower to reach $2.460 ahead of the weekly storage publication, prices fell to an intraday low of $2.438 as the report came in with underwhelming results. Ascending for the balance of the session as the contract was treading into oversold territory, the contract recorded an intraday high of $2.544 at 2:20PM. The February contract closed higher on Thursday at $2.539.
The EIA Natural Gas Storage Report published on Thursday showed a 114 BCF withdrawal from storage for the week ended December 25th – below the market estimate of 126 BCF. Total working gas in storage was reported as 3,460 BCF; 7.8% above this time last year and 6.3% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was up seven cents; Heating Oil was up one cent; and Gasoline was down slightly.
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