Market Updates

Daily Market Update October 11, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.03 to $3.24.  The Nov16 crude contract is down $0.20 at $51.15.

Summary

Reaching a 21-month high, the prompt month settled at $3.275/MMBtu in this week’s opening session, up another 8.2 cents.  With not much fundamental support, technical trading seems to be the driver of prices, which have risen almost 37 cents since Sep. 30.  Natural gas demand has been steadily declining as we progress further into the shoulder season, and storage inventories may end the injection season challenging last year’s all-time high.  Production, however, continues to struggle, with today’s projected 69.4 Bcf/d at a year-to-date low.  Overall demand is down 0.4 Bcf/d from Monday due to 0.7 Bcf/d lower demand in the residential-commercial sector, but offsetting some of the decline is a 0.3 Bcf/d bump up in power burn.  National weather outlooks call for above-average temperatures to continue to cover most of the U.S., with regions of below-normal temperatures in the West and Northwest over the next two weeks.

Market Update 101116

Market Settles 101016

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