Market Updates

Daily Market Update October 17, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.03 at $3.26.  The Nov16 crude contract is up $0.10 at $50.45.

Summary

After climbing to a 22-month high on Thursday, traders took advantage of the renewed market rally last week and took profits on Friday.  The prompt month lost 5.6 cents in last week’s closing session, settling at $3.285/MMBtu.  In the U.S. Energy Information Administration’s “Natural Gas Weekly Update” for the week to Oct. 12, the EIA reported that total U.S. demand increased by 2% week-over-week to 57.0 Bcf/d, while supply remained unchanged at 76.6 Bcf/d.  While weather forecasts continue to show most of the country at above-average temperatures, both heating and cooling demand should be kept at bay for the next few weeks, offering little in the way of price support.  U.S. dry production averaged 70.4 Bcf/d over the past week, but is down 0.6 Bcf/d today at 69.8 Bcf/d.  Power burn rose 1.9 Bcf/d over the weekend, as average U.S. temperatures rose by nine degrees, but was more than offset by a 5.1 Bcf/d decline in demand from the residential/commercial sector. Temperatures are expected to fall by about 12 degrees by the end of the week, but not before a shot of much warmer weather today and tomorrow.  Total demand is projected to climb by 3.9 Bcf/d to 66.3 Bcf/d by Friday.

Market Update 101716

Market Settles 101416

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