January NYMEX Natural Gas Futures Contract Closed at $2.501 on Wednesday, November 27th

On Wednesday, November 27th – the January NYMEX Natural Gas Futures Contract began trading as the prompt month.  Opening at $2.530, just below Tuesday’s closing price of $2.533, the contract fluctuated along either side of $2.515 until the weekly storage publication was released at noon; a day early due to the Thanksgiving holiday.  Posting a meager jump to $2.532 as the report hit the wire, prices soon trended lower and continued into the afternoon.  January closed lower on Wednesday at $2.501.

The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF withdrawal from storage for the week ended November 22nd – below the market estimate of 37 BCF. Total working gas in storage was reported as 3,610 BCF: 17.9% above this time last year and 0.9% below the five-year average.

As of 8:30AM EST this morning in Globex, WTI Crude was up $1.01; Natural Gas was up four cents; Heating Oil was up three cents; and Gasoline was up three cents. 

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