Tuesday, December 2nd saw the front-month NYMEX Natural Gas contract open at $4.850, $0.071 below Monday’s closing price of $4.921. Climbing early on to record the intraday high of $4.953 at 9:45AM, a bullish shift to weather models overnight provided temporary support. Pulling back to cross midday at $4.880, the market is seemingly waiting for clarification on mid-month temperatures before venturing any higher. Falling to the intraday low of $4.805 at 2:05PM, January closed lower on Tuesday at $4.840.
The EIA Natural Gas Storage Report is due out Thursday at 1030AM. The report is expected to show a 16 BCF withdrawal from storage for the week ended November 28. This compares to a 30 BCF withdrawal this time last year and a five-year average withdrawal amount of 43 BCF.
As of 7:30AM this morning in Globex, WTI Crude was up $0.740; Natural Gas was up $0.128; Heating Oil was down $0.006; and Gasoline was up $0.020.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842
