Market Updates

Daily Market Update September 21, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading up $0.02 at $3.06.  The Oct16 crude contract is up $0.75 at $44.80.

Summary

Supported by hot weather forecasts, the prompt month broke above $3 yesterday for the first time since May 2015.  Oct16 natural gas futures settled at $3.047/MMBtu, up 11.3 cents from Monday’s close, and was the highest settle since Jan. 19, 2015’s $3.127/MMBtu.  The latest weather forecasts from the National Weather Service show areas of warmer-than-normal temperatures expanding from the eastern U.S. to cover the entire Southwest in the 8-14 day outlook.  As coal plants retire, the power grid becomes increasingly dependent on natural gas.  Power burn, normalized for weather, is up more than 11% from a year ago.  With demand for gas up so much, many traders worry that a colder-than-normal winter may bring on an unparalleled supply crunch.  Prices for the fourth quarter moved up 10 cents yesterday, while the first quarter in 2017 settled nine cents higher.

Market Update 092116

Market Settles 092016

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