Market Updates

Daily Market Update - August 15, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading down $0.01 at $2.58.  The Sep16 crude contract is up $0.31 at $44.80.

Summary

With fundamentals continuing to look less bullish, short-covering ahead of the weekend gave the prompt month a boost on Friday.  After six straight days of losses, the Sep16 natural gas contract closed the week on an upswing, gaining 3.5 cents and settling at $2.586/MMBtu.  Prices have fallen 6.7 this past week, the biggest one-week percentage decline since March.  While the eastern U.S., the Pacific Northwest, and the Gulf Coast remain at above-normal temperatures for at least the next two weeks, most of the rest of the country will see some relief from the recent heat wave, as temperatures cool to normal or below-normal for the majority of the country.  This should ease the demand for natural gas, and allow the pace of storage building to accelerate.  The U.S. Energy Information Administration is projecting a 4,042 Bcf end-of-season storage level, which would be a new all-time record, beating last year’s record by 33 Bcf.  Total demand is down 4.3 Bcf/d from Friday to 73.9 Bcf/d today, with the majority of the decline coming from a drop in power burn, which fell 4.5 Bcf/d over the weekend to 36.5 Bcf/d today.  Monday’s projected power burn is 2.3 Bcf/d less than the past six-day average of 38.8 Bcf/d.

Market Update 081516

Market Settles 081216

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