Wednesday, December 3rd saw the front-month NYMEX Natural Gas contract open at $4.956, $0.112 above Tuesday’s closing price of $4.840. Recording the intraday low of $4.920 within minutes of the opening bell, the contract continued its overnight rally as fundamentals remain supportive. Despite healthy production, forecasts frigid temperatures to reach the East coast by the weekend bolstered an already bullish sentiment. Climbing to a fresh near three-year intraday high of $5.039 at 12:25PM, prices then stabilized near the $4.990 level. January closed higher on Wednesday at $4.995.
The EIA Natural Gas Storage Report is due out Thursday at 1030AM. The report is expected to show a 16 BCF withdrawal from storage for the week ended November 28. This compares to a 30 BCF withdrawal this time last year and a five-year average withdrawal amount of 43 BCF.
As of 7:20AM this morning in Globex, WTI Crude was up $0.400; Natural Gas was up $0.009; Heating Oil was down $0.007; and Gasoline was up $0.003.
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