Market Updates

Daily Market Update September 1, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading down $0.02 at $2.86.  The Oct16 crude contract is down $0.24 at $44.46.

 

Summary

The prompt NG market ticked higher yesterday as concerns about slowing production due to hurricane activity and strong demand because of continuing warm weather.  Daily NG production levels are roughly .5 Bcf lower than they otherwise would be due to hurricane activity near the Gulf of Mexico.  The markets’ concerns over slower GOM production may be overblown though as only 5% of US production comes from the GOM.  That figure gets lower every year and the amount of NG recovered from shale resources only grows.  Due to high temperatures and humidity, demand for power burns remains very high, nearly 3 bcf/d greater than last year.  Weather forecasts for the 3 weeks show this trend is likely to continue.  Today the EIA will release its’ weekly storage report at 10:30ET.  Estimates for builds are in the low to mid 40 Bcf range, continuing the trend of below historic levels 


Market Update 090116

Market Settles 083116

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