Market Updates

Daily Market Update September 20, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading up $0.04 at $2.97.  The Oct16 crude contract is down $0.46 at $42.84.

Summary

Without any additional support from market fundamentals, Oct16 natural gas futures slipped a bit further yesterday, settling at $2.934/MMBtu, down 1.4 cents.  The prompt month has been unsuccessful in breaching the $3.00 level, as traders continued to cash in on the recent market rally above $2.90.  Weather has offered little support, with little change in forecasts from the pervious day.  The Northeast will finally see a little relief in the 6-10 day outlook, with average and below-average temperatures cropping up for the first time in weeks.  However, those will be short-lived, as above-average temperatures return in the 8-14 day outlook.  The rest of the eastern half of the U.S., as well as the West Coast will continue to see above-average temperatures, as the western U.S. stays normal or below normal.  As normal temperatures decline heading into the shoulder months, milder weather should dampen demand for gas in the power generation sector, allowing more gas for storage building before the winter heating season. U.S. dry production slipped 0.4 Bcf/d to 71.1 Bcf/d, after yesterday’s production estimate was revised upward by 0.4 Bcf/d.

Market Update 092016

Market Update 091916

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