Market Updates

Daily Market Update October 7, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading up $0.03 to $3.08.  The Nov16 crude contract is down $0.04 at $50.40.

Summary

Despite dipping below $3 after the U.S. Energy Information Administration reported a weekly storage injection larger than the highest estimates, Nov16 natural gas futures eventually rebounded and wound up the day 0.8 cents higher than the previous session, settling at $3.049/MMBtu.  EIA data shows storage stockpiles grew by 80 Bcf in the week to Sep. 30.  Estimates ranged from 62 to 78 Bcf in a Bloomberg survey of  market analysts and traders, with consensus formed around a  72 Bcf  build.  The injection still trailed behind historical averages- 96 Bcf for the same week last year and 95 Bcf for the five-year average.  Storage inventories currently stand at 3.6 Tcf, and are on track to finish the season near 4 Tcf.  Weather will be the primary factor on whether we beat last year’s all-time high storage level, but waning natural gas production will have a heavy influence.  Production continues to offer price support, reaching a year-to-date low of 69.47 Bcf/d yesterday. Hurricane Matthew made landfall this morning on Florida’s east coast and is now a Category 3 storm.  Southeast demand is down 1 Bcf/d today from yesterday, with power burn accounting for nearly all of the decline.

Market Update 100716

Market Settles 100616

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