January NYMEX Natural Gas Futures Contract Closed at $2.399 on Wednesday, December 4th

Wednesday, December 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.401, four cents below Tuesday’s closing price of $2.441.  Following the previous session’s weather-induced rally, forecasts warmed slightly overnight as we saw the contract fall to an intraday low of $2.368 at 11:20AM.  Returning to the $2.390 level by midday, prices rose to an intraday high of $2.428 at 1:40PM.  January closed lower on Wednesday at $2.399.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 20 BCF withdrawal from storage for the week ended November 29th. This compares to a 63 BCF withdrawal at this time last year and a five-year average withdrawal amount of 41 BCF.

As of 8:40AM EST this morning in Globex, WTI Crude was up 32 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was up two cents. 
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