Friday, December 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $4.388, six cents above Thursday’s closing price of $4.327. Setting its sights high out of the gate, the contract reversed a two-day downward trend that saw notable declines. Shirking off the EIA Storage Report, which was largely in line with expectations, prices rose gradually from $4.450 into the afternoon as below average temperatures cover much of the country. Tallying the intraday high of $4.570 at 1:00PM, January closed higher on Friday at $4.488.
The EIA Natural Gas Storage Report published on Friday showed a 63 BCF withdrawal from storage for the week ended November 30th – above the market estimate of 59 BCF. Total working gas in storage was reported as 2,991 BCF; 19.1% below this time last year and 19.5% below the five-year average.
This morning in Globex, WTI Crude was down $1.00; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was down two cents.
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