Monday, December 1st saw the front-month NYMEX Natural Gas contract open at $4.847, $0.003 below Friday’s closing price of $4.850. The prior session’s volatility bled into Monday morning trading as prices rose to $4.915 at 9:10AM before retreating to the intraday low of $4.781 at 10:15AM. Market fundamentals remain bullish due to elevated LNG demand and forecasted frigid temps. Hovering near $4.810 through midday, a late day rally saw the contract post a near three-year intraday high of $4.952 at 2:10PM. January closed higher on Monday at $4.921.
The EIA Natural Gas Storage Report published last Wednesday posted an 11 BCF withdrawal from storage for the week ended November 21 – below the market estimate of a 3 BCF withdrawal. Total working gas in storage was reported as 3,935 BCF; 0.8% below this time last year and 4.2% above the five-year average.
As of 7:55AM this morning in Globex, WTI Crude was down $0.140; Natural Gas was up $0.033; Heating Oil was down $0.012; and Gasoline was down $0.014.
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
