December NYMEX Natural Gas Futures Contract Closed at $2.712 on Wednesday, November 18th

Market Insights
Natural Gas
November 19, 2020
Wednesday, November 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.743, five cents above Tuesday’s closing price $2.692.  Trading within two cents of $2.730 through 11:00, the contract then rose to an intraday high of $2.767 ahead of midday.  Falling to an intraday low of $2.688 at 2:00PM, traders were in a holding position ahead of today’s storage report and changing forecasts.  The December contract closed higher on Wednesday at $2.712.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a four BCF withdrawal from storage for the week ended November 13th. This compares to a 94 BCF withdrawal at this time last year and a five-year average withdrawal amount of 24 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was down 15 cents; Heating Oil was up one cent; and Gasoline was down one cent.

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