Market Updates

Daily Market Update October 6, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading up $0.02 to $3.06.  The Nov16 crude contract is up $0.40 at $50.23 (!).



The prompt NYMEX NG contract started the day quietly, but gained strength in the afternoon as mid-day weather forecasts showed slightly cooler weather for the east coast, implying more heating-related demand.  The contracts for Nov and Dec both finished up $.077, and the calendar strips all finished higher as well.  Concerns over weak NG production with the upcoming winter looming has kept pricing firm.  Daily production levels of NG have been below 70 Bcf all month.  The Y-o-Y production deficit has reached nearly 3.0 Bcf/d.  Some of the production is likely to return as there appears to be high levels of pipeline maintenance.  On the flip side, demand levels have finally fallen as weather for the last few weeks has been very mild, causing low power burns without the usual corresponding heating-related demand.  As weather turns colder, if production doesn’t increase, then the higher heating demand will lead to supply/demand tightness.

For the storage report today, the market is expecting a building into storage in the low 70’s, far below historic levels, but higher than recent reports

Market Update 100616

Market Settles 100516 

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