December NYMEX Natural Gas Futures Contract Closed at $6.200 on Wednesday, November 16th

Market Insights
Natural Gas
November 17, 2022
Wednesday, November 16th saw the December NYMEX Natural Gas Futures Contract open at $5.867, seventeen cents below Tuesday’s closing price of $6.034. Warming forecasts and delay of the Freeport LNG reopening contributed to the overnight retreat, which persisted until reaching the intraday low of $5.727 near 10:00AM. Mounting a modest ascent to reach $5.942 ahead of midday, the contract traded sideways into the afternoon until jumping above the $6.00 at 2:15PM. Marking the intraday high of $6.223 at 2:25PM, December closed higher on Wednesday at $6.200.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 61 BCF injection to storage for the week ended November 11. This compares to a 26 BCF injection at this time last year and a five-year average withdrawal amount of 5 BCF.

As of 7:10AM EST this morning in Globex, WTI Crude was down $1.58; Natural Gas was up 18 cents; Heating Oil was down six cents; and Gasoline was down four cents.

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