Market Updates

Daily Market Update September 29, 2016

Daily market update

Early Morning Update

The Nov16 natural gas contract is trading down $0.01 at $2.99.  The Nov16 crude contract is down $0.13 at $46.92.

  

Summary

In its final day of trading yesterday, the Oct16 natural gas contract fell 4.4 cents, ultimately settling firmly below the $3 technical level at $2.952/MMBtu.  However, despite losing ground, the Nov16 contract, which debuts as the prompt month today, is still holding on above $3.  November NYMEX futures settled at $3.005/MMBtu, down 4.8 cents day-over-day.  The market has been on a steady uptrend since reaching a 17-year low back in March, but its successful breaching of $3 this week was short-lived.  Nevertheless, technical trading indications point to a bullish outlook in the weeks to come, and managed money has acknowledged this.  In the week that ended Sep. 20, “smart money” traders increased their long position by 25,716 to reach 113,567 contracts, their largest net long position since the week ended April 22, 2014.  Prices rose 13.8 cents during the survey week.  On another note, the U.S. Energy Information Administration will be releasing its weekly storage data this morning.  According to a Bloomberg survey, estimates for the weekly growth in natural gas stockpiles for the week to Sep. 23 range from 51 to 68 Bcf, with a median estimate of 54 Bcf.

Market Update 092916

Market Settles 092816

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