December NYMEX Natural Gas Futures Contract Closed at $2.559

Wednesday, November 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.556, nearly five cents above Tuesday’s closing price of $2.510.  Following two days of losses, the contract rose overnight as markets had slipped into oversold territory and traders squared their positions ahead of today’s storage report.  Straddling the $2.54 mark through 10:30AM, prices then fell to an intraday low of $2.531 at 10:40AM.  Trading higher in the following ninety minutes to record an intraday high of $2.581, December closed higher on Wednesday at $2.559.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 87 BCF withdrawal from storage for the week ended November 15th. This compares to a 134 BCF withdrawal at this time last year and a five-year average withdrawal amount of 32 BCF.

As of 8:35AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was down two cents; Heating Oil was up one cent; and Gasoline was unchanged. 
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