Market Updates

Daily Market Update October 20, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.02 at $3.15.  The Nov16 crude contract is down $0.80 at $50.80.

Summary

The prompt month had its biggest one-day drop since the beginning of September yesterday as weather outlooks continue to show mild weather lasting into the first week of November.  With the above-normal temperatures forecast for the next two weeks, heating demand should be kept in check and the storage injection season is expected to finish strong.  The Nov16 natural gas futures contract lost 9.3 cents on Thursday, settling at $3.17.  It was the third out of the last four trading sessions to see declines after a late summer rally that pushed prices to their highest levels in nearly two years.  The U.S. Energy Information Administration will release their weekly storage data this morning at 10:30, with estimates in the low 70s.  If realized, this would continue the trend seen most of this summer of weekly storage growth below historical averages.  End-of-season storage levels are anticipated to be between 3.9 and 4.0 Tcf, but a lack of demand for natural gas in the coming weeks could push the final levels before withdrawals begin close to the record level seen last year, 4,009 Bcf.

Market Update 102016

Market Settles 101916

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