Market Updates

Daily Market Update September 26, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading up $0.025 at $2.98.  The Nov16 crude contract is up $0.62 at $45.10.

Summary

Although still below historical average injections, the 52 Bcf storage build reported last Thursday for the week to Sep. 16 was better than the 48 Bcf expected, and helped maintain the natural gas price retreat on Friday.  The Oct16 natural gas futures contract extended Thursday’s losses in last week’s closing session, settling at $2.955/MMBtu, down 3.5 cents day-over-day.  The National Weather Service is still forecasting warmer-than-normal temperatures for the eastern half of the U.S. through the first week of October, but normal temperatures should continue to decline as we get deeper into the fall season.  Stagnant growth in natural gas dry production persisted last week, averaging 71.1 Bcf/d, unchanged from the previous week.  Power burn continued to drop over the weekend after steadily declining all last week, and the projected 27.2 Bcf/d today is down 7.5 Bcf/d from last Monday.  Heading into the shoulder season, it is estimated that 23.7 GW of nuclear capacity at 23 plants is expected to be offline for refueling at some point this fall.  This compares to 30.9 GW of nuclear generation off for refueling last autumn.  Peaking at 16 GW in early to mid-October, outages should taper off by mid-December.

Market Update 092616

Market Settles 092316

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