Daily Market Update August 23, 2017

Early Morning Update

The Sep17 natural gas contract is trading down $0.03 at $2.91.  Sep17 crude is unchanged at $47.64.

Summary

The two-week weather forecast holds true as most of the major U.S. load zones will encounter rainfall throughout the day, suppressing load and keeping temps east of the Rockies below normal.  Tropical storm Harvey is expected to make landfall on the gulf shores of Texas this Friday, bringing heavy rains and cool temperatures over the area until Sunday.  The September natural gas contract’s three-cent loss this morning is the heaviest contributor to the two-cent loss of the rolling 12-month strip.  The NYMEX calendar strips for 2018-2022 are down 1-2 cents as well, erasing their gains from yesterday.

Market Update 082317