Market Updates

Daily Market Update November 7, 2016

Daily market update

Early Morning Update

The Dec16 natural gas contract is trading up $0.06 at $2.83.  The Dec16 crude contract is up $0.48 at $44.55.

Summary

Warm weather has been softening demand for gas and power over the last few weeks, and more of the same is expected for the balance of November. As a result, solid gas production and strong storage have been quiet and are further contributing to the descending price trend. Since the gas prompt month reached a two-year high in mid-October, the December contract lost almost 34 cents last week and settled at $2.767/MMBtu on Friday. Gas calendar and seasonal strips are following the downward prompt direction, as well, with Winter ’16-’17 owning the largest move at -14 cents since the beginning of November. Power prices nationwide have been mostly quiet and in step with the gas market.

Market Update 110716

Market Settles 110416

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