Market Updates

Daily Market Update November 10, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $0.07 at $2.62.  The Dec16 crude contract is down $0.42 at $44.85.

Summary

On Wednesday, the natural gas market cautiously retraced some of its recent losses, climbing back 5.7 cents to settle at $2.690/MMBtu.  The recent freefall due to mild temperatures extending through the third week of November may have been overdone, and traders halted the downward spiral yesterday, awaiting longer term weather outlooks, as well as the U.S. Energy Information Administration’s weekly storage report due out this morning.  The EIA data will cover the week to Nov. 4, and is expected to show an injection of 48 Bcf.  If realized, this would put U.S. storage levels at an all-time high, beating out last years 4,009 Bcf record by two Bcf, with two more injections expected before switching to withdrawals.  November is typically when residential and commercial heating demand kicks in, but a warmer-than-normal October turned into an above-average November, holding natural gas demand down and driving market bulls to sell off long positions.  Over the past ten years, November res/com demand has averaged 24.8 Bcf/d, almost twice as much as October’s 13.6 Bcf/d average.  November temperatures are forecast to be 18% warmer than the 10-year average, and 20% above the 30-year average.

Market Update 111016

Market Settles 110916

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