Market Updates

Daily Market Update November 3, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading down $0.03 to $2.76.  The Dec16 crude contract is up $0.41 at $45.75.

Summary

Natural gas prices continued to move lower in trading on Wednesday, with the prompt month giving up another 11 cents. The Dec16 contract had traded as high as $3.55 on October 15th before dropping off the table in recent trading and ending the session yesterday at $2.792/MMBtu. Persistent mild weather has reduced demand for natural gas, which is likely to set a new record for the amount of gas in storage at the end of the injection season. Given lackluster winter forecasts and the delayed start, the 12-month strip has followed the prompt month, closing the session yesterday under $3 for the first time since September 6th. Early indications suggest cooler weather may be coming in the latter part of November, but given the pattern we’ve seen, traders remain skeptical.  This morning, the U.S. Energy Information Administration is expected to report a storage injection of 56-58 Bcf for the week to Oct 28.  This would be right in line with last year’s 58 Bcf for the same week, and just under the 63 Bcf five-year average.

Market Update 110316

Market Settles 110216

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