Market Updates

Daily Market Update - August 16, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading up $0.01 at $2.60.  The Sep16 crude contract is up $0.29 at $46.03.

 

Summary

The Sep16 natural gas contract has leveled off in recent days, trading up 0.4 cent to end the session on Monday, after sliding nearly $0.25 since August 4th.  With cooler weather pushing into Texas and the broader South Central US, the market broke through support at $2.60 last Thursday to settle at $2.55/MMBtu.  After trading up nearly six cents on Friday, we find ourselves back near the $2.60 level at $2.590/MMBtu.  Temperatures remain elevated across much of the East and the Pacific Northwest through the 6-10 day window, followed by cooler weather expanding into the Northeast in the 11-15 day forecast.  Production has remained stable at roughly 71.4 Bcf, offset largely by strong demand from the power sector over the last several weeks.  As temperatures moderate, injections into storage are expected to increase, with the market eying a 35 Bcf injection this week, followed by a 22 Bcf build next week.  Weekly injection estimates remain below both last year and the five-year average, trimming the expected surplus to these key benchmarks in the coming weeks.

Market Update 081616

Market Settles 081516

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