Wednesday, November 30th saw the January NYMEX Natural Gas Futures Contract open at $7.181, five cents below Tuesday’s closing price of $7.235. Peaking at an intraday high of $7.285 at 9:30AM, prices then moved lower as early December forecasts fail to impress. Until the expected seasonal temperatures arrive, sentiment will remain bearish. Losing ground ahead of midday to trade along either side of the $6.90 level, the contract marked an intraday low of $6.806 as 2:00PM. January closed lower on Wednesday at $6.930.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 86 BCF withdrawal from storage for the week ended November 24. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 34 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up 69 cents; Natural Gas was up six cents; Heating Oil was down six cents; and Gasoline was up slightly.
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