Market Updates

Daily Market Update September 15, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading flat to yesterday’s close at $2.89.  The Oct16 crude contract is up $0.32 at $43.90. 

Summary

The prompt month price fell two cents on Wednesday, as the market anticipates the U.S. Energy Information Administration’s weekly storage report due out later this morning.  The Oct16 NYMEX contract settled at $2.889/MMBtu, as some traders took advantage of the recent rally by selling their long positions and taking profits. Estimates for the storage injection for the week to Sep. 9 range from 48 to 70 Bcf, with a consensus in the neighborhood of 60 Bcf.  Despite being the largest weekly growth in storage inventories in the last two months, it is still less than the 74 Bcf injection seen last year for the same week, as well as the 69 Bcf five-year average. Weather forecasts continue to show above-average temperatures for a good portion of the country over the next two weeks, with parts of the Midwest and East expecting temperatures in the upper 80s.  This should keep natural gas in demand and offer support to prices, at least for a couple more weeks.

Market Update 091516

Market Settles 091416

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