Tuesday, December 9th saw the front-month NYMEX Natural Gas contract open at $4.731, $0.181 below Friday’s closing price of 4.912. Trending lower overnight once again, the latest forecasts are calling for a mid-month thaw that may last until the 23rd. Combined with steady production, prices reached an intraday high of $4.802 at 11:05 before withdrawing into the afternoon. Pulling back to the intraday low of $4.565 ahead of 2:30PM, January closed lower on Tuesday at $4.574.
The EIA Natural Gas Storage Report is due out Thursday at 1030AM. The report is expected to show a 163 BCF withdrawal from storage for the week ended December 5. This compares to a 190 BCF withdrawal this time last year and a five-year average withdrawal amount of 89 BCF.
As of 7:25AM this morning in Globex, WTI Crude was up $0.340; Natural Gas was down $0.085; Heating Oil was up $0.023; and Gasoline was up $0.007.
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