Market Updates

Daily Market Update October 5, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.02 at $2.94.  The Nov16 crude contract is up $0.91 at $49.60.

Summary

After sinking to a low of $2.878/MMBtu during yesterday’s trading session, Nov16 natural gas futures reversed losses and eventually settled the day at $2.964/MMBtu, up 4.1 cents.  The National Weather Service’s 10-day outlook shows below-normal temperatures across parts of the Southeast, the mid-Atlantic, and the Northeast, which could induce some early heating demand.  Meanwhile, the above-normal temperatures across most of the rest of the U.S. spread across the entire country in the 8-14 day outlook, which will most likely prolong cooling demand in some regions.  Also providing support for prices is dry natural gas production, which has slipped another 0.5 Bcf/d day-over-day to 69.3 Bcf/d.  Total U.S. supply, however, has remained flat as a 0.5 Bcf/d increase in imports from Canada offset the decline in production.  Although storage injections this season have been below average, there is a possibility that storage growth in the week to Oct. 14 may get a shot in the arm due to Hurricane Matthew.  The storm is expected to reach Florida on Oct. 8 and work its way up the East Coast.  Heavy rainfall and strong winds could cause widespread electric outages, sapping demand for natural gas for power generation and making more gas available for storage.

Market Update 100516

Market Settles 100416

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