Market Updates

Daily Market Update November 1, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $.03 to $2.99.  The Dec16 crude contract is up $0.12 at $46.98.

 

Summary

The December prompt month reversed all gains from late last week on Monday and then some, settling down nearly 8 cents at $3.026. Pricing declines have bled into the winter months as well, with Q1’17 down over $0.06 yesterday. Cal17 moved down about 3 cents on the day, but Cal’18-’19 stayed steady. Mild weather into the middle of November, with more seasonal storage injections expected to accompany it, is a main driver of these depressed prices. Production is expected to drop over 1.5 Bcf today to 69.7 Bcf, but has been climbing higher over the past three weeks to an average of 71.1 Bcf. Demand is down over 3 Bcf today, mainly due to the unseasonably warm nationwide temperatures. This supply-demand balance has allowed for the late September-early October rally to be erased, but we cannot see how resilient these lower prices are until winter weather makes a marked appearance.

Market Update 110116

Market Settles 103116

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