Market Updates

Daily Market Update September 22, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading flat to yesterday’s close at $3.06.  The Nov16 crude contract is up $0.86 at $46.20.

Summary

The Oct16 natural gas futures contract advanced a penny higher yesterday, settling at $3.057/MMBtu, as traders bought to cover short positions and opened fresh long bets.  The latest forecasts from the National Weather Service show warmer-than-normal temperatures covering the eastern two-thirds of the country, and now extending into the Southwest, as well, in its 8-14 day outlook.  The market has been watching weather forecasts closely, trying to determine how much of an effect the prolonged heat will have on the natural gas supply/demand balance.  One indicator of this balance is the U.S. Energy Information Administration’s weekly storage data, which is due out at 10:30 this morning.  This week’s report covers the week to Sep. 16, and estimates range widely from 42 to 71 Bcf, with a general consensus in the low 50s.  An injection of this size would be roughly half of what is usually seen at this time of year, continuing the trend seen all season of below-average growth in storage inventories.  For the same week last year, natural gas stockpiles grew by 96 Bcf, while the five-year average stands at 98 Bcf.

Market Update 092216

Market Settles 092116

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