Market Updates

Daily Market Update September 7, 2016

Daily market update

Early Morning Update

The Oct16 natural gas contract is trading up $0.02 at $2.73.  The Oct16 crude contract is down $0.02 at $44.81.

 

Summary

A down day for the NYMEX as the prompt NG contracts finished lower by $.075 to close the day at $2.717.  Weaker power burns seemed to be the primary culprit for the move down.  Mild weather was seen at the start of September and that led to low demand nationally, but the weather forecasts are turning hot and strong demand will again be seen nationally this week.  Above average temperatures are forecast for the next two weeks at least as predictions of a warm September look to be coming true.  All this after the warmest June-August on record since 1950.  The strongest heat has been focused on the east coast, where demand is the strongest.  As we move through September though, average temperatures will be cooler, so above average is less and less meaningful.

As for tomorrows’ storage report, expectations call for a build in the low 40’s Bcf, compared to 75 last year and the 5-year average of 63.

 

Market Update 090716

Market Settles 090616

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