It’s official, we have reached the end of the NYMEX December contract. After a long day of the price constantly bouncing up and down, the contract will close at a year-long high of $3.431 USD/mm, up 10 cents from yesterday.
The early estimate for the upcoming storage report is for an injection of +1 bcf/d for the week ending Nov 22, not a significant change, but suggesting that more gas is being consumed as temperatures cool down. While it’s true that heating demand is increasing the further we approach winter, the early-December cold snap across the USA is not here to stay. NOAA’s newest Temperature Outlook is predicting a high likelihood of the West having above-average temperatures.
Once again, American Thanksgiving is this Thursday. The new January front month contract will begin trading tomorrow, but the rest of the week will probably be quiet for the NYMEX.