NYMEX Natural Gas Futures Contract Prompt month Nov23 settlement +US$0.204/MMBtu at $3.166, low of $2.965, high of $3.205, traded range of $0.24. Winter 23 +$0.177 at $3.495, Summer 24 +$0.094 at $3.314.
Market Fundamentals Big moving day in natural gas today following both global news and the release of the U.S. EIA Lower-48 storage report. To begin, Australian LNG is back in the spotlight following news that Chevron workers are looking to vote to strike again. More news will be out next Monday, with the expected submission of their 7-day notice, but for the time being, Dutch TTF prices continue to fluctuate. Domestically, the storage report release at 10:30AM was quite bullish. While the range of estimates came in between 87 billion cubic feet (Bcf) and 98 Bcf, the actual number came in at 86 Bcf. Prices finished the day at the highest price since January 24th, and marked the largest one-day percentage gain since June 15th. The prompt month contract has risen for eight of the ten past trading sessions, and today marks the first time prices have closed above the $3 level since March. As the existing storage surplus continues to narrow, winter premium continues to be built into prices.