Friday, December 19th saw the front-month NYMEX Natural Gas contract open at $3.876, $0.032 below Thursday’s closing price of $3.908. Recording the intraday low of $3.875 within minutes of the opening, bearish weather forecasts provided downward pressure overnight. Bouncing back throughout the morning, the contract mounted multiple rallies throughout the day to ultimately record the intraday high of $4.006 at 1:00PM and again at 1:55PM. January closed higher on Friday at $3.984
The EIA Natural Gas Storage Report published last Thursday posted a 167 BCF withdrawal from storage for the week ended December 12 – below the market estimate of a 180 BCF withdrawal. Total working gas in storage was reported as 3,579 BCF; 1.7% below this time last year and 0.9% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was up $1.140; Natural Gas was up $0.119; Heating Oil was up $0.046; and Gasoline was up $0.030.
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