NYMEX Natural Gas Futures Contract Prompt month Nov23 settlement +US$0.006/MMBtu at $3.382, low of $3.336, high of $3.449, traded range of $0.113. Winter 23 +$0.031 at $3.652, Summer 24 +$0.024 at $3.431.
Market Fundamentals Welcome back from the long weekend. Natural gas prices this week are much higher than where they were last week, but have somewhat settled down. Markets were opened yesterday as only Canada celebrated Thanksgiving. Sunday evening saw a push to a nine-month high of $3.47, but prices have backed of $0.10 to fluctuate between $3.30 and $3.45. Cooler temperatures have now arrived, indicating the beginning of the transition to heating season. Unlike the oil market, natural gas has been much less impacted by news of war in the Middle East. Down under in Australia, LNG workers at Chevron have submitted their notice and will look to strike in a week’s time.