Market Updates

Daily Market Update November 2, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $0.09 to $2.81.  The Dec16 crude contract is down $0.72 at $45.95.

Summary

For the first time since May 30, the Dec16 natural gas futures contract settled under $3.00/MMBtu at $2.902, down 12.4 cents yesterday. 2017 and 2018 calendar strips settled down about eight and four cents, respectively, while Cal’19 and ’20 remain steady. Since 1950, the this past October was the 2nd warmest October on record, with only October 1963 coming in warmer, based on gas-weighted heating degree days. The record warm trend has continued into November, and prices have reacted. Since debuting as the prompt month on Friday, the Dec16 contract has fallen more than 10% in less than four days. Natural gas storage is also weighing heavily on prices, as the end-of-season level is expected to finish at an all-time high, beating out last year’s 4,009 Bcf. Bentek is projecting at least three more injections before winter, resulting in a final level around 4,050 Bcf.

Market Update 110216

Market Settles 110116

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