At the close...
December front-month natural gas ranged between $3.51 and $3.59 today making a mid-morning run at the upside before settling in to trend sideways, slightly higher through the rest of the afternoon. December nattie has been picking its way downward since Tuesday of last week.
Friday, November 2 saw Dec natural gas futures take one of its characteristic dives to the lowside and opened today soft at $3.53. Impacts of the Superstorm on storage and production have yet to be fully measured, but expect demand for home heat to put pressure on December nattie. But any major problems on the East Coast could push natural gas back up around $3.80 in a hurry.
December natural gas front-month contract ended the day today at $3.57 -- up 0.01 on the day.
Front-month December crude took a dive on Friday about the same time as natural gas and has followed a similar pattern as Dec nattie throughout the day today.
December front-month crude ranged from $84.34 to $85.90 -- closing 99 cents higher on the day at $85.85.
While less a slave to home heat, crude oil is also waiting for the final word of the cost of Superstorm Sandy. Just like with natural gas, problems in East Coast production could chase the December contract to the upside for a short time. This comes as holiday travelers begin to make plans. Expect any gains crude makes in the near-term to stick until after the first of the year.