Market Updates

Daily Market Update October 27, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading up $0.01 at $2.74.  The Nov16 crude contract is up $0.17 at $49.35.

 

Summary

Natural gas trading finished down another 4.3 cents yesterday, with the Nov16 futures contract settling at $2.73/MMBtu. This marked the sixth consecutive down day for the prompt, and the lowest settle seen since early September, as traders have quickly erased any traces of near-term strength from the recent rally. The 12-month strip is currently trading at $3.05/MMBtu, with warm weather and weak demand expected to continue through, at least, the early part of November. The market will be watching medium-term weather forecasts for any hint of a breakdown in the current pattern that might lead to the arrival of colder weather and increased heating demand, but, at least for now, heating and power burn demand remain quite weak. As we round out the injection season, the market is expecting the U.S. Energy Information Administration to report a 73 Bcf growth in storage inventories this morning for the week ending Oct. 21. Storage levels are approaching the record level set last year, and any continuation of the current warm weather pattern may result in setting a new all-time high for storage.

Market Update 102716

Market Settles 102616

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