Friday, December 5th saw the front-month NYMEX Natural Gas contract open at $5.270, $0.207 above Thursday’s closing price of $5.063. Marking the intraday low of $5.236 within minutes of the opening bell, the contract then continued the pre-opening rally amidst healthy demand and forecasts calling for frigid month-end temperatures. Surging to $5.496, the highest intraday mark since December 2022, prices pulled back to close out the session. January closed higher on Friday at $5.289; up 9.1% on the week.
The EIA Natural Gas Storage Report published last 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 7:15AM this morning in Globex, WTI Crude was down $0.650; Natural Gas was down $0.244; Heating Oil was down $0.033; and Gasoline was down $0.015.
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