Thursday, December 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.681, three cents below Wednesday’s closing price of $2.715. With sights set to recover any ground lost overnight, the contract rose to the $2.70 mark by 9:30AM, even as bullish expectations for this week’s storage report pale in comparison to last year’s withdrawal of 147 BCF. Launching from $2.680 an hour later as the storage publication was released, a momentary climb to the intraday high of $2.710 quickly collapsed. Finding the intraday low of $2.643 thirty minutes later, January managed to step gradually upward into the afternoon before closing ultimately lower on Thursday at $2.684.
The EIA Natural Gas Storage Report published on Thursday showed a 69 BCF withdrawal from storage for the week ended December 8th – above the market estimate of 67 BCF. Total working gas in storage was reported as 3,626 BCF; 5.3% below this time last year and 0.7% below the five-year average.
This morning in Globex, WTI Crude was up 24 cents; Natural Gas was up three cents; Heating Oil was up one cent; and, Gasoline was up one cent.
Natural Gas Glossary
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