December NYMEX Natural Gas Futures Contract Closed at $5.177 on Tuesday, November 16th

Market Insights
Natural Gas
November 17, 2021
Tuesday, November 16th saw the front-month NYMEX Natural Gas Futures Contract open at $5.196, eighteen cents above Monday’s closing price of $5.017. Following expectations for increased heating demand in the coming weeks and rising concerns of Russia being able to provide ample support to Europe, the contract posted steady gains throughout the morning. Reaching an intraday high of $5.394 at 11:50AM, prices then withdrew heading into the afternoon to mark an intraday low of $5.168 at 2:20PM. December closed higher on Tuesday at $5.177.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 25 BCF injection to storage for the week ended November 12th. This compares to a 31 BCF injection to this time last year and a five-year average withdrawal amount of 12 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was down 87 cents; Natural Gas was down nine cents; Heating Oil was down three cents; and Gasoline was down two cents.
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