Wednesday, November 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.743, five cents above Tuesday’s closing price $2.692. Trading within two cents of $2.730 through 11:00, the contract then rose to an intraday high of $2.767 ahead of midday. Falling to an intraday low of $2.688 at 2:00PM, traders were in a holding position ahead of today’s storage report and changing forecasts. The December contract closed higher on Wednesday at $2.712.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a four BCF withdrawal from storage for the week ended November 13th. This compares to a 94 BCF withdrawal at this time last year and a five-year average withdrawal amount of 24 BCF.
As of 8:45AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was down 15 cents; Heating Oil was up one cent; and Gasoline was down one cent.
Natural Gas Glossary
Natural Gas Supplier
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.