Market Updates

Daily Market Update September 13, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading up $.01 to $2.93.  The Oct16 crude contract is down $1.19 at $45.10.

Summary

With forecasts showing an extension of warm weather across most of the country, natural gas prices shot up to their highest level since July in this week’s opening session.  The Oct16 futures contract climbed 11.8 cents (4.2%) yesterday to $2.915/MMBtu.  With only a small area of the Southwest being saved from summer temperatures continuing through September, storage building will most likely continue its trend of below-average injections.  Also for the first time since July, U.S. dry production is expected to drop below 71.0 Bcf/d today, with a day-over-day drop of 1.1 Bcf/d to 70.4 Bcf/d.  Adding fuel to the fire, total U.S. demand rose 0.5 Bcf/d to 64.6 Bcf/d today, led by a 0.4 Bcf/d jump in power burn.  Stopping short of issuing a “stop work” order, FERC accused the Algonquin Pipeline on Friday of serious environmental violations related to the AIM expansion project, which could put the planned Nov. 1 in-service date at risk.  After continuous downward pressure on AGT basis prices throughout the summer, the Nov16 basis contract picked up 12 cents on the news, closing at $0.385/MMBtu yesterday.  Algonquin has until the end of the week to respond to FERC regarding the allegations.

Market Update 091316

Market Settles 091216

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