January NYMEX Natural Gas Futures Contract Closed at $4.056 on Thursday, December 2nd

Market Insights
Natural Gas
December 3, 2021
Thursday, December 2nd – saw the front-month NYMEX Natural Gas Futures Contract open at $4.209, five cents below Wednesday’s closing price of $4.258. Ascending to trade along $4.280 by 9:30AM and reaching an intraday high of $4.314 twenty minutes later, prices were flat heading into the weekly storage publication. Lacking a material reaction to the neutral report’s release, the contract trended lower into the afternoon as bearish temperatures are expected to persist until mid-month. Marking another three-month intraday low of $4.042 at 2:20PM, January closed lower on Thursday at $4.056.

The EIA Natural Gas Storage Report published on Thursday showed a 59 BCF withdrawal from storage for the week ended November 26 – in line with the market estimate of 58 BCF. Total working gas in storage was reported as 3,564 BCF; 9.5% below this time last year and 2.3% below the five-year average.

As of 8:10AM EST this morning in Globex, WTI Crude was up $1.83; Natural Gas was up 15 cents; Heating Oil was up four cents; and Gasoline was up four cents.
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