January NYMEX Natural Gas Futures Contract Closed at $3.708 on Tuesday, December 7th

Market Insights
Natural Gas
December 8, 2021
Tuesday, December 7th saw the front-month NYMEX Natural Gas Futures Contract open at $3.756, ten cents above Monday’s closing price of $3.657. Ascending to an intraday high of $3.829 by 11:00AM, the contract withdrew into the afternoon, giving up overnight gains. As bearish forecasts persist, prices fell to an intraday low of $3.667 at 2:10PM and closed higher on Tuesday at $3.708.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 48 BCF withdrawal from storage for the week ended November 26th. This compares to a 91 BCF withdrawal at this time last year and a five-year average withdrawal amount of 55 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was up 36 cents; Natural Gas was up 16 cents; Heating Oil was up three cents; and Gasoline was up three cents.
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