Market Updates

Daily Market Update October 12, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.03 to $3.20.  The Nov16 crude contract is up $0.22 at $51.01.

 

Summary

After climbing to its highest level since December 2014, profit-taking helped push prompt month prices back down yesterday, eventually settling at $3.237/MMBtu, a day-over-day drop of 3.8 cents.  Mild temperatures are expected across most of the U.S. through the end of October, which should assuage demand for natural gas and increase the amount of gas available for storage.  Although the weekly storage builds have been trailing historical averages for most of the injection season, the amount of gas available for the winter heating season will be very close to the record high level seen last year.  With weather too warm to generate much heating demand and too cool to continue to induce gas-fired power to run air conditioning, the market remains, overall, bearish.  Only slightly declining production and fears of a cold winter have propped up the recent rally in natural gas, which saw prices rise 37 cents (13%) over the previous six sessions.

Market Update 101216

Market Settles 101116

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