January NYMEX Natural Gas Futures Contract Closed at $2.804 on Wednesday, November 29th

Wednesday, November 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.823, a penny below Tuesday’s closing price of $2.837. Recording the intraday high of $2.870 by 9:30AM, another bearish shift in short-term forecasts directed prices lower once again. Crossing midday at $2.808, the contract fluctuated along this level for the balance of the day. Marking the intraday low of $2.794 ahead of 2:30PM, January closed lower on Wednesday at $2.804.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 3 BCF injection to storage for the week ended November 24th. This compares to an 81 BCF withdrawal at this time last year and a five-year average withdrawal amount of 44 BCF.

As of 6:25AM EST this morning in Globex, WTI Crude was up 77 cents; Natural Gas was up two cents; Heating Oil up three cents; and Gasoline was up two cents.

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