January NYMEX Natural Gas Futures Contract Closed at $2.441 on Tuesday, December 3rd

Tuesday, December 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.409, eight cents above Monday’s closing price of $2.329.  Falling to an intraday low of $2.391 as markets opened, prices were quick to recapture the $2.41 level and trend higher into the morning.  Reaching $2.425 by 11:30AM the contract then surged higher as those holding short positions were forced to sell.  Peaking at an intraday high of $2.510 at 1:00PM, January slipped lower ahead of 2:30PM to close higher on Tuesday at $2.441.

As of 8:50AM EST this morning in Globex, WTI Crude was up 96 cents; Natural Gas was down three cents; Heating Oil was up three cents; and Gasoline was up three cents. 

New York basis values were unchanged for all seasons, whereas New England basis values were higher for all seasons. Additionally, cash prices were higher in New York and lower in New England.
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