Market Updates

Daily Market Update October 3, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading up $0.01 at $2.91.  The Nov16 crude contract is up $0.30 at $48.54.

    

Summary

After briefly trading above $3.00 two weeks ago, the prompt NG market has been slowly sliding back down to the $2.75 - $3.00 range that it’s been in since the beginning of July.  It appears as though there could be loss of demand as the market gets above $3.00, as coal-to-gas switching is less attractive at those levels.  There is still plenty of bullish news in the market:  lower production, lingering heat and concerns over a cold winter.  But those factors don’t seem to be enough to cause the market to trade materially over $3.00 for any sustained period of time. 

Looking ahead at this weeks’ storage report, estimates are calling for a build into storage for the week ending 9/30 in the low 70’s.  Early estimates for next week show a build in the upper 70’s.

 

Market Update 100316

Market Settles 093016


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