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Weekly Energy Market Update: October 6, 2014

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Below is the Direct Energy Business Weekly Energy Market Update for October 6, 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.   

  • Like October, November NYMEX debuted above $4, then slipped back down into the $3.75-$4.00 range after last week’s storage report was released. 
  • Prompt month range of $3.75 - $4.10 has remained intact since July 17th, as has the 12-month strip range of $3.80 - $4.10.
  • Long-term prices (cals ’15, ’16, ’17) are all down 4-5 cents week-over-week.
  • Weekly storage injection for the week ended Sep. 26 (112 Bcf) was better than expectations (107 Bcf), and was the 24th consecutive injection to beat the 5-year average.
  • Warm weather South and West, cool weather Midwest for the next few days (both could be bullish with accompanying higher demand) give way to mostly below normal temperatures mid-October.
  • Lower 48 dry production reached a new high at 69.6 Bcf/day on Oct. 3.
  • Total net imports are up week-over-week, mostly due to an increase in Canadian gas imports.
  • New England gas basis has seen $1.30 in price declines over the past five sessions, and 12-month strip power prices are down $3.50-$4.00 since last week.

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Posted: October 06, 2014