January NYMEX Natural Gas Futures Contract Closed at $2.780 on Wednesday, December 2nd

Wednesday, December 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.929, five cents above Tuesday’s closing price of $2.880.  Peaking at an intraday high of $2.934 soon after trading floors opened, the contract then moved decidedly lower to settle in near $2.875 by 9:30AM.  Conflicting forecasts have buoyed prices as of late, though prices fell throughout the day to tally an intraday low of $2.775 at 2:20PM, the January contract closed lower on Wednesday at $2.780.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 24 BCF withdrawal from storage for the week ended November 27th. This compares to a 19 BCF withdrawal at this time last year and a five-year average injection amount of 41 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was down two cents; Natural Gas was down 15 cents; Heating Oil was unchanged; and Gasoline was up slightly.

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