Monday, December 15th saw the front-month NYMEX Natural Gas contract open at $4.096, $0.017 below Friday’s closing price of $4.113. Recording the intraday high of $4.102 within minutes of the opening bell and an intraday low of $3.993 at 9:45AM, traders sought directed following another bearish shift to weather forecasts over the weekend. Fluctuating within this range for the balance of the day, January posted its lowest closing price in six weeks to finish at $4.012 on Monday.
The EIA Natural Gas Storage Report published last Thursday posted a 177 BCF withdrawal from storage for the week ended December 5 – greater than the market estimate of a 163 BCF withdrawal. Total working gas in storage was reported as 3,746 BCF; 0.7% below this time last year and 2.8% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was down $0.850; Natural Gas was down $0.064; Heating Oil was down $0.017; and Gasoline was down $0.019.
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