Tuesday, November 21st saw the front-month NYMEX Natural Gas Futures Contracts open at $3.035, a penny below Monday’s closing price of $3.047. Combatting downward overnight momentum as prices managed to grasp the intraday high of $3.064 by 9:40AM, updated bearish weather reports soon quelled the rally. With the latest long-term forecasts predicting above-average temperatures for the coming winter season, the contract stepped gradually lower over the balance of the day as December closed lower on Tuesday at $3.017.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 46 BCF withdrawal from storage for the week ended November 17th. This compares to a 2 BCF withdrawal at this time last year and a five-year average withdrawal amount of 26 BCF.
Markets will be closed tomorrow, Thursday November 23rd, in observance of the Thanksgiving holiday. The next MarketWatch report will be published the following Monday.
This morning in Globex, WTI Crude was up $1.08; Natural Gas was down two cents; Heating Oil was up two cents; and, Gasoline was up slightly.
Natural Gas Glossary
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