Market Updates

Daily Market Update November 11, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $0.05 at $2.58.  The Dec16 crude contract is down $0.58 at $44.08.

 

Summary

The NG market bounced around a bit yesterday as the EIA reported a build of 54 Bcf into storage.  The build was slightly higher than expectations and the market quickly dipped.  But prices seemed to bounce off of technical support levels and moved up throughout the afternoon.  With the latest storage injection, current levels now represent an all-time high for domestic storage at 4.017 Tcf.  While this is only slightly higher than last years’ level, there is concern that if mild weather continues we may be in an oversupply situation.  However, the general consensus is that while this winter may not be very cold, it is unlikely to repeat last years’ record warm condition. 

It is also interesting to note that while we had backwardation in the market recently, calendar gas terms through 2020 are priced at ~$2.90. 

Updated weather forecasts still show above average temperatures for nearly the entire nation through the end of Nov.

 

Market Update 111116

Market Settles 111016

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