Market Updates

Daily Market Update October 21, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.08 at $3.06.  The Nov16 crude contract is up $0.34 at $50.97.

 

Summary

A day which saw the NG market sell off for most of the day ultimately ended mostly unchanged, with the prompt month contract finishing lower by $.029 to $3.14 and the 12 month strip finishing flat at $3.37.  The EIA published a bearish storage report at 10:30am ET and the prompt month briefly dipped to $3.06 before recovering throughout the afternoon.  After the report, total US storage levels are now at 3,836 Bcf, 46 bcf ahead of last years’ level.  Estimates for year-end storage levels have crept up to closer to 4 Tcf due to the warm weather forecasts that are lingering into the second week of November.  Forecasts for much of the country are showing above average temperatures, causing lower heating-related demand and lower power burns.  Daily NG production data has started to creep slightly higher with the last few days coming in closer to 71 Bcf/d.  

Market Update 102116

Market Settles 102016

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