Market Updates

Daily Market Update November 4, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading flat to yesterday’s close at $2.77.  The Dec16 crude contract is down $0.06 at $44.60.

Summary

In their weekly storage report, the U.S. Energy Information Administration reported that the amount of natural gas in storage facilities grew by 54 Bcf in the week to Oct. 28.  This was in line with expectations, but slightly less than the 58 Bcf seen last year for the same week, as well as the 63 Bcf five-year average.  Despite continuing the trend of below-average weekly builds seen most of this injection season, the next two weeks are expected to beat historical averages by about 40 Bcf.  This would set a new all-time high for end-of-season storage levels, projected to be about 4,040 Bcf before winter withdrawals begin.  An intra-day rally pushed prompt month prices as high as $2.840/MMBtu after the release of the weekly storage data, but the market retreated in the afternoon, eventually settling at $2.769/MMBtu, down 2.3 cents on the day.  Warmer-than-normal temperatures across most of the country have kept demand for natural gas in check, which has pushed prices down 17% over the past three week.

Market Update 110416

Market Settles 110316

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