December NYMEX Natural Gas Futures Contract Closed at $2.772 on Thursday, November 7th

Thursday, November 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.803, nearly three cents below Wednesday’s closing price of $2.828.  Trading modestly higher through the session’s opening ninety minutes to reach $2.815, prices then surged to the intraday high of $2.882 as the bullish storage report was published at 10:30AM.  Losing support to return to the $2.81 level by midday, the contract withdrew further into the afternoon to record an intraday low of $2.753 at 12:30PM and again at 2:00PM.  Treading into overbought territory, selling dominated the back half of the session as the December contract closed lower on Thursday at $2.772.

The EIA Natural Gas Storage Report published on Thursday showed a 34 BCF injection to storage for the week ended November 1st – below the market estimate of 43 BCF. Total working gas in storage was reported at 3,729 BCF: 16.6% above this time last year and 0.8% above the five-year average.

As of 8:45AM EST this morning in Globex, WTI Crude was down 83 cents; Natural Gas was up three cents; Heating Oil was down three cents; and Gasoline was down two cents. 

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.
 
 

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.