Thursday, November 6th saw the front-month NYMEX Natural Gas contract open at $4.283, $0.051 above Wednesday’s closing price of $4.232. Trading gradually higher to reach $4.310 ahead of the weekly storage publication, prices initially slipped to $4.264 though were quick to recover. Losing ground shortly after midday to tally the intraday low of $4.192 at 12:40PM, the contract then posted a strong reversal as traders dug into updated bullish weather forecasts. Recording the intraday high of $4.382 at 2:15PM. December closed higher on Thursday at $4.357.
The EIA Natural Gas Storage Report published last Thursday posted a 33 BCF injection to storage for the week ended October 31 – in line with the market estimate of a 32 BCF injection. Total working gas in storage was reported as 3,915 BCF; 0.2% below this time last year and 4.3% above the five-year average.
As of 7:05AM this morning in Globex, WTI Crude was up $0.580; Natural Gas was down $0.024; Heating Oil was up $0.058; and Gasoline was up $0.010.
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