December NYMEX Natural Gas Futures Contract Closed at $2.714 on Friday, November 1st

Friday, November 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.602, three cents below Thursday’s closing price of $2.633.  Dipping to the intraday low of $2.588 by 9:20AM, traders were quick to dismiss the previous session’s bearish storage injection as prices rose into the morning.  Trading along $2.625 from 10:30AM into the early afternoon, the contract then broke higher and ascended to an intraday high of $2.718 by 1:40PM.  The $2.75 mark looks to be the next resistance point for the contract to surpass.  While it’s not so much a question of if, but rather when we’ll overtake this level, keep in mind that last year at this time the contract was trading near $3.230 and surged to a four-year intraday high of $4.904 by mid-November.  December closed higher on Friday at $2.714, up nearly 18% on the week.

As of 8:50AM EST this morning in Globex, WTI Crude was up 57 cents; Natural Gas was up 11 cents; Heating Oil was up two cents; and Gasoline was up one cent. 

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