Market Updates

Daily Market Update August 16, 2017

Early Morning Update

The Sep17 natural gas contract is down $.01 at $2.92.  Sep17 crude is up $0.13 at $47.68.

 

Summary

Yesterday’s warmer revisions to near-term weather outlooks were overlooked as the September 2017 NG contract lost another 2.4 cents to close at $2.935/MMBtu. While the National weather service predicts above normal temperatures along much of the east coast in their 6-10 and 8-14 day outlooks, August weather to date has been considerably mild, causing significantly lower gas demand year-over-year. Power burn for August 2017 to date has averaged 33.3 Bcf/d, 13% lower than 2016. The Northwest is the only region that has higher burns this month, 0.1 Bcf/d or 14% higher compared to August 2016. The Northwest has had no shortage of heat this summer, but hydro generation is significantly improved this year, capping power burns to an extent. Some analysts believe the record-setting power burn of 2016 is in the past and will not reach those levels again. Summer of 2016 saw record heat, cheaper gas prices, and coal-fired generation retirements, triggering power burn to peak at 43.6 Bcf on 8/11/2016. However, with the ever-changing energy market, only time will tell if this is an accurate theory. 

 

Market Update 081617 

Market Settles 081517

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