Thursday, December 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.833, nine cents below Wednesday’s closing price of $2.922. Trailing lower overnight as the market prepared for a bearish storage report, the contract fell to the $2.78 level ahead of the 10:30AM publication. Dipping lower to $2.766 as trader’s expectations were realized, prices fluctuated along $2.780 for the majority of the afternoon before slipping to a six-week intraday low of $2.759 ahead of 2:30PM. January closed lower on Thursday at $2.763.
The EIA Natural Gas Storage Report published on Thursday showed a 2 BCF injection storage for the week ended December 1st – slightly above than the market estimate of 0 BCF. Total working gas in storage was reported as 3,695 BCF; 6.7% below this time last year and 1.0% below the five-year average.
This morning in Globex, WTI Crude was up 97 cents; Natural Gas was up three cents; Heating Oil was up three cents; and, Gasoline was up two cents.
New York and New England basis values were lower for all seasons. Additionally, cash prices were higher in New York and lower New England.
Natural Gas Glossary
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