Today’s storage report came in as expected; last week had a net withdrawal of -2 bcf in the lower 48 states. In total, there is 3,967 bcf of working gas in storage, which is still well above last year’s level of 3,833 bcf and the 5-year average of 3,700 bcf. This total is still teetering above the 5-year maximum as well.
Otherwise, the NYMEX market was closed today, with the January front month contract only slightly changed (up 9 cents American based on overnight financial trading). It will probably be quiet tonight and tomorrow too, as traders will be gearing down for the weekend and the month’s rollover.
NOAA released its latest Temperature Outlook, and it looks like the below-average temperatures that the country will experience in early December will be short-lived (except for the East coast). A strong probability for above average temperatures covers the Central and Eastern USA soon afterwards, and if true, a likely drop in heating demand.
Again, happy Thanksgiving to all the Americans out there!