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Daily Market Update August 17, 2017

Early Morning Update

The Sep17 natural gas contract is trading down $.01 at $2.88.  Sep17 crude is down $0.08 at $46.70.



Cooler weather forecasts for most of the eastern U.S., as well as healthier storage building expected in the weeks ahead, helped push the price of natural gas for September delivery down a little farther yesterday.  The prompt month fell another 4.5 cents on Wednesday, settling at $2.8900/MMBtu.  Storage injections, which have been lagging the five-year average for most of this season, are projected to be much closer to normal this week and next, keeping the total amount of gas in storage at a slight surplus to the five-year average.  Estimates for storage growth in the week to August 11 range from 43 to 51 Bcf, with consensus at 46 Bcf.  An injection at consensus would be far closer to normal than last week’s build, which was only about half as much as what is normally seen for this time of year.  End-of-season storage inventories, however, are still expected to be just under the five-year average, and much less than last year’s 4,047 Bcf record.  Dry gas production has been slipping in the past few days, after reaching 73.4 Bcf/d last Friday, the highest level seen so far this year.  Bentek estimated production at 72.4 Bcf/d  today.


Market Update 081717 

Market Settles 081617

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