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Daily Market Update August 10, 2017

Early Morning Update

The Sep17 natural gas contract is trading up $0.03 at $2.91.  Sep17 crude is up $0.05 at $50.08.



The Sep17 natural gas contract rose more than six cents in trading on Wednesday to finish the day at $2.883/MMBtu.  Weather forecasts remain bearish with the majority of the country expected to remain below average.  The only exceptions shown in the 6-10 day and the 8-14 day forecast are above-average temperatures along the West Coast and now extending into Texas.  The move up in near-term prices have pushed the 12-month strip and 2018 near $3 once again.  The market is expecting a 35 Bcf injection later this morning when the U.S. Energy Information Administration releases their weekly storage number.  Production has been increasing slowly since the start of this year, which has helped to keep end-of-season storage projections near the 5-year average.  This fall, the Cove Point LNG export terminal in Maryland is expected to come on line, adding roughly 1.8 Bcf/day of export capacity, potentially increasing U.S. LNG exports to just over 3.0 Bcf/day.


Market Update 081017 

Market Settles 080917

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