Thursday, November 16th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.102, two cents above Wednesday’s closing price of $3.080. Setting the pace early on with a steady decline near $3.085 ahead of 10:30AM, a larger-than-expected withdrawal from storage briefly directed prices to the intraday high of $3.110 before continuing its downward route. Finding support at the intraday low of $3.049 near midday, December straddled the $3.06 mark for the duration of the afternoon to close lower on Thursday at $3.053.
The EIA Natural Gas Storage Report published on Thursday showed an 18 BCF withdrawal from storage for the week ended November 10th – slightly larger than the market estimate of 15 BCF. Total working gas in storage was reported as 3,772 BCF; 6.7% below this time last year and 2.6% below the five-year average.
This morning in Globex, WTI Crude was up 78 cents; Natural Gas was up three cents; Heating Oil was up two cents; and, Gasoline was up one cent.
Natural Gas Glossary
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