Market Updates

Daily Market Update September 16, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading down $0.05 at $2.87.  The Oct16 crude contract is down $0.66 at $43.25.

Summary

Despite beating analysts’ expectations, a weekly storage injection below historical averages helped to push up natural gas prices yesterday to their highest level in two and a half months.  The U.S. Energy Information reported that natural gas stockpiles grew by 62 Bcf in the week to Sep. 9, slightly more than the 60 Bcf expected, but continuing the below-average trend seen for most of this injection season.  The same week last year saw a 74 Bcf growth in inventories, and the five-year average injection is 69 Bcf.  The total amount of gas in storage now stands at 3,499 Bcf, and is expected to be 3.9-4.0 Tcf by the end of the season, just under the all-time record set last year.  Surpluses to historical averages have been cut significantly since the beginning of the season, and now stand at 5.6% to last year and 9.3% to the five-year average.  Both of these surpluses began the season above 50%.  The Oct16 natural gas contract resumed it’s climb yesterday, settling at $2.927/MMBtu, up 3.8 cents from Wednesday.  This is the highest prompt month settlement since July 1, and the second highest settlement this year.

Market Update 091616

Market Settles 091516

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