January NYMEX Natural Gas Futures Contract Closed at $2.507 on Thursday, December 3rd

Thursday, December 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.611, seventeen cents below Wednesday’s closing price $2.780.  Attaining an intraday high of $2.617 within minutes of the opening bell, prices then cascaded lower as updated forecasts for above average conditions will linger until mid-December.  Trading near $2.540 as the weekly storage publication hit the wire, a brief jump to $2.584 soon gave way to additional selling.  Recording an eight-week intraday low of $2.484 at 11:40AM, the January contract closed lower on Thursday at $2.507.

The EIA Natural Gas Storage Report published on Thursday showed a 1 BCF withdrawal from storage for the week ended November 27th – below the market estimate of 24 BCF. Total working gas in storage was reported as 3,939 BCF: 9.5% above this time last year and 7.9% above the five-year average.

As of 6:55AM EST this morning in Globex, WTI Crude was down 59 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent.

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