Thursday, December 4th saw the front-month NYMEX Natural Gas contract open at $4.946, $0.049 below Wednesday’s closing price of $4.995. Trending lower to trade along $4.900 ahead of the weekly storage report, prices momentarily dipped to an intraday low of $4.871 as the “in-line” publication hit the wire. Buoyed by continued high heating and LNG demand the contract rose to cross midday at $4.973 and marked a fresh near three-year intraday high of $5.090 ahead of closing. January closed higher on Thursday at $5.063.
The EIA Natural Gas Storage Report published on Thursday posted a 12 BCF withdrawal from storage for the week ended November 28 – below the market estimate of a 16 BCF withdrawal. Total working gas in storage was reported as 3,923 BCF; 0.5% below this time last year and 5.1% above the five-year average.
As of 6:55AM this morning in Globex, WTI Crude was down $0.080; Natural Gas was down $0.008; Heating Oil was up $0.028; and Gasoline was flat.
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
