We are approaching the end of the December front month, which expires tomorrow. The contract opened this morning just below to Monday’s open ($3.35 USD/mm and $3.39 respectively), despite Monday’s big sell off. The price today did inch above Monday’s open, but we ended the day with only a 5-cent decrease and much less volatility.
American Thanksgiving is this Thursday, so expect less NYMEX trading activity on Thursday and Friday to finish off the month.
Finally, a lot of talk in the market right now is about the upcoming cooler weather in December. NOAA’s temperature outlook is still predicting a strong likelihood for below-average temperatures across the central-to-eastern USA in the coming days. Although it has remained pretty mild here in Toronto (so far), just the news itself can be enough to cause a reaction.
