January NYMEX Natural Gas Futures Contract Closed at $4.258 on Wednesday, December 1st

Market Insights
Natural Gas
December 2, 2021
Wednesday, December 1st saw the front-month NYMEX Natural Gas Futures Contract open at $4.420, nearly fifteen cents below Tuesday’s closing price of $4.567. Marking an intraday high of $4.431 within minutes of the opening bell, the contract moved decidedly lower throughout the day as forecasts remain bearish. Crossing midday near $4.273 and marking a fresh three-month intraday low of $4.225 at 12:50PM, January closed lower on Wednesday at $4.258.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 58 BCF withdrawal from storage for the week ended November 26. This compares to a one BCF withdrawal at this time last year and a five-year average withdrawal amount of 31 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 80 cents; Natural Gas was up three cents; Heating Oil was up three cents; and Gasoline was up three cents.
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