Market Updates

Daily Market Update - August 17, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading down $0.02 at $2.59.  The Sep16 crude contract is down $0.14 at $46.44.

 

 

Summary

A quiet day on the NYMEX as the prompt NG contract traded within a tight range before ultimately settling higher by $.027 to close at $2.617.  Weather forecasts have become a tale of two cities, with cool temperatures in the middle part of the US, and hot, humid conditions along both coasts.  Adding it all together and we get power burns that are down slightly from record high levels a week ago.  In Texas alone, peak demand has gone from 71,000MW last week to 49,000MW this week - a reflection of much cooler temperatures statewide.  Looking ahead as we move towards the end of summer, temperatures overall will cool off and the market will look towards winter.  It’s too early to have a sense of winter weather forecasts but we should start seeing them pop up in late September.  For tomorrow, we’re expecting the EIA to report a build into storage in the mid to hi 20’s Bcf, again much lower than last year and the 5 year average.  End of season estimates still hover around 3.9 - 4.0 Tcf.


Market Update 081716

Market Settles 081616

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