Market Updates

Daily Market Update November 17, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $0.01 at $2.75.  The Dec16 crude contract is up $0.58 at $46.15. 


Natural gas prices ended trading Wednesday up 5.5 cents as the market digests our first meaningful cold front of the season. Temperatures are expected to dip below normal across the eastern part of the U.S. late this weekend and remain in place through Wednesday, before returning to above-normal to finish the week and extending through the 8-14 day period. Seasonally warm weather, and the related reduction to heating demand, has led to a record amount of gas in underground storage. Working gas storage currently stands at 4,017 Bcf, and expectations are for an additional build of 24 Bcf when the EIA announces the week-over-week change this morning. Next week may be the final injection of the season, with the market currently projecting a 1 Bcf build. With healthy storage in place and moderate weather expected for the foreseeable future, it may be difficult to hold off the bears in the coming weeks. In other news, the U.S. geological Survey reported the discovery in West Texas of the largest source of shale oil the agency has ever assessed.  The Wolfcamp Shale formation, which could yield 20 billion barrels of oil, as well as 16 Tcf of natural gas, is located within the Permian Basin, one of the most productive regions for oil and gas in the U.S.

Market Update 111716

Market Settles 111616

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