Tuesday, November 20, 2012
The NYMEX December natural gas futures contract was up 4.6 cents to $3.765/MMBtu at 8:30 a.m. EST (1330 GMT) as traders moved to cover short positions after the contract fell 7.1 cents on Monday. It traded overnight between $3.725/MMBtu and $3.778/MMBtu.
EcomEnergy analysts pointed to support for the contract at $3.689/MMBtu, with resistance between $3.82/MMBtu and $3.83/MMBtu.
Henry Hub cash averaged $3.63/MMBtu Monday, up 17.5 cents. It last traded on IntercontinentalExchange at $3.625/MMBtu Tuesday morning.
Platts unit Bentek Energy forecast supply for Tuesday at 68.6 Bcf/d, down 600,000 Mcf/d from its Monday outlook, with demand expected to decline 500,000 Mcf/d to 65 Bcf/d. Bentek forecast power burn at 18.3 Bcf/d, up 100,000 Mcf/d from the previous day, and industrial demand at 18.8 Bcf/d, down 100,000 Mcf/d.
Gas needed to replace lost nuclear generation came in at an estimated 4.651 Bcf/d, down 528,000 Mcf/d, according to Bentek data.
The petroleum complex was modestly lower on Tuesday morning.
The NYMEX January crude contract was down 38 cents to $88.90/barrel, and the front-month heating oil contract was down 49 points to $3.0702/gal.
The NYMEX CAPP coal contract declined 41 cents Monday to settle at $60.67/st. No trades were seen early Tuesday.
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