Market Updates

Daily Market Update - August 25, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading up $0.01 at $2.81.  The Oct16 crude contract is down $0.12 at $46.65.

Summary

The prompt month continued its climb higher yesterday, gaining 3.5 cents to settle at $2.796/MMBtu.  Warmer-than-normal temperatures forecast for the eastern two-thirds of the country are the primary driver right now, as the lingering heat should keep demand for natural gas high at a time when cooling demand is usually waning.  Total demand for natural gas is up 0.7 Bcf/d today, led by a 0.6 Bcf/d increase in power burn.  Total demand is expected to fall 1.2 Bcf/d over the next seven days, averaging 70.9 Bcf/d over that period, as power burn is projected to fall to 33.9 Bcf/d.  Estimates for this week’s storage report for the week to Aug. 19 range from 12-35 Bcf, with consensus formed in the upper teens.  This would continue the trend of below-average growth in underground storage inventories seen throughout the injection season this year.  Last year saw a 63 Bcf build for the same week, and the five-year average stands at 66 Bcf.

Market Update 082516

Market Settles 082416

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