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Daily Market Update August 22, 2017

Early Morning Update

The Sep17 natural gas contract is trading up $0.04 at $3.00.  Sep17 crude is down $0.12 at $47.25.



September prompt month futures rose nearly seven cents on Monday to $2.962/MMBtu, likely spurred by increased power burn due to the solar eclipse. Solar energy nationwide was impacted by the absence of the sun during some of the day’s peak hours, so gas fired generation picked up the slack and increased about 8% from the previous day. Future calendar years 2018 & 2019 moved up 2-3 cents, but the years beyond either didn’t move or fell 1-2 cents. Despite the short-lived increase in power burn, other fundamentals point to a bearish outlook for the next two weeks. Weather forecasts have been adjusted further down than last week, and are showing moderately below-normal temperatures for the entire eastern two thirds of the country, and a warmer-than-normal West Coast. Tropical Storm Harvey is currently on its way to the Gulf, bringing potentially extreme rainfall and likely diminished demand to southeast Texas by Friday.   


Market Update 082217 

Market Settles 082117

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