Monday, November 24th saw the front-month NYMEX Natural Gas contract open at $4.491, $0.089 below Friday’s closing price of $4.580. Recording the intraday low of $4.474 at 9:35AM, prices rose cautiously through the morning as traders eyed the imminent contract settlement, steady production, and a forecasted increase in month-end demand. Crossing midday at $4.494, the contract rose to tally the intraday high of $4.555 at 2:25PM. December closed lower on Monday at $4.549.
The EIA Natural Gas Storage Report is due out Wednesday at 12:00PM. The report is expected to show a 5 BCF injection to storage for the week ended November 21. This compares to a 2 BCF withdrawal this time last year and a five-year average withdrawal amount of 25 BCF.
As of 7:35AM this morning in Globex, WTI Crude was down $0.220; Natural Gas was down $0.147; Heating Oil was down $0.004; and Gasoline was down $0.006.
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