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Daily Market Update December 1, 2017

Early Morning Update

The Jan18 natural gas contract is trading up $0.07 at $3.09.  The Jan18 crude contract is up $0.43 at $57.83.

 

Summary

The EIA reported a draw from storage yesterday of 33 Bcf, in-line with expectations.  The market opened the day down, and moved lower throughout the day with the prompt eventually finishing down nearly 5% to close at $3.025.  The market has been more volatile lately as weather forecasts for this winter seem to change every day.  The latest forecasts show cold temperatures moving into the eastern half of the country and remaining there for the balance of the year.  There is still no widespread consensus on Jan-Feb forecasts and the market is reacting to December forecasts to inform trading decision for Jan-Feb.  On the supply side, NG production continues to grow with the latest data showing daily production levels hovering near 77 Bcf/d. 

 

Market Update 12117 

Market Settles 113017

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