Thursday, December 11th saw the front-month NYMEX Natural Gas contract open at $4.430, $0.165 below Wednesday’s closing price of $4.595. Trending lower overnight once again, a forecasted mid-month thaw that could last until Christmas has put bears in the driver’s seat the past few sessions. Trading along $4.340 leading up to the weekly storage report, prices momentarily jumped to $4.387 as the publication hit the wire. Withdrawing further through midday, the contract reached an intraday low of $4.196 at 1:15PM. January closed lower on Thursday at $4.231.
The EIA Natural Gas Storage Report published on 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 7:05AM this morning in Globex, WTI Crude was down $0.060; Natural Gas was up $0.005; Heating Oil was down $0.013; and Gasoline was down $0.003.
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