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Weekly Energy Market Update August 25, 2014

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Below is the Direct Energy Business Weekly Energy Market Update video for August 25, 2014. We embedded this video right into the blog post, so you don’t have to leave this page to view it. The written summary is still below too.

The following is a summary of last week’s market activity and the market outlook.

There were modest gains in NYMEX natural futures last week as the prompt month remains bound by $3.74 and $4.00.

This range has held since breaking below $4.00 on July 17, and reaching a low of $3.74 on July 28.
-NYMEX Natural Gas Futures as of 8/22/14 and change since 8/15/14 ($ per MMBtu)
- NG Prompt    3.84          +0.06
- 12-Month      3.94          +0.07
- NG Cal 15     3.95          +0.07
- NG Cal 16     4.07          +0.04
- NG Cal 17     4.21          +0.02

Late summer heat for the Eastern U.S. is forecast for the next 10 days and should stoke power plant fuel demand and supporting prices. But summer heat risk will decline as August approaches its end.

Thursday’s storage injection (+88) was slightly above expectations and was above the 5-year average for the 18th consecutive week.

Tropical Storm Cristobal is expected to turn Northeastward into the Atlantic and should not impact energy sector.

The September NYMEX contract expires this Wednesday.

Cal 2016-2021 forwards are still all below $5.00.

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Posted: August 25, 2014