Thursday, November 9th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.203, three cents above Wednesday’s closing price of $3.175. Climbing modestly to $3.210 in the day’s opening hour, weather induced overnight gains held the contract steady ahead of the weekly storage release. Plunging lower as the report hit the wire, prices fell to the intraday low of $3.165 shortly after 11:00AM. Managing a staggered recovery over the balance of the day, December closed higher for the sixth straight session on Thursday at $3.200.
The EIA Natural Gas Storage Report published on Thursday showed a 15 BCF injection to storage for the week ended November 3rd – above the market estimate of 12 BCF. Total working gas in storage was reported as 3,790 BCF; 5.5% below this time last year and 1.8% below the five-year average.
This morning in Globex, WTI Crude was unchanged; Natural Gas was down two cents; Heating Oil was up one cent; and, Gasoline was up slightly.
Natural Gas Glossary
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