Thursday, November 20th saw the front-month NYMEX Natural Gas contract open at $4.496, $0.054 below Wednesday’s closing price of $4.550. Trending higher to erase overnight losses ahead of the weekly storage report, prices continued upward following the historically bullish publication to reach the intraday high of $4.612 at 11:55AM. Pulling back shortly after midday, the contract fell to an intraday low of $4.466 at 1:55PM. December closed lower on Thursday at $4.474.
The EIA Natural Gas Storage Report published on Thursday posted a 14 BCF withdrawal from storage for the week ended November 14 – in line with the market estimate of a 13 BCF injection. Total working gas in storage was reported as 3,946 BCF; 0.6% below this time last year and 3.8% above the five-year average.
As of 7:25AM this morning in Globex, WTI Crude was down $0.530; Natural Gas was up $0.064; Heating Oil was down $0.047; and Gasoline was down $0.015.
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