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Daily Market Update November 10, 2017

Early Morning Update

The Dec17 natural gas contract is trading down $0.01 at $3.19.  The Dec17 crude contract is up $0.09 at $57.26.

Summary

Yesterday the EIA reported a build into storage of 15 Bcf, in-line with expectations.  The market stayed fairly steady after the report but did continue its trend of moving higher, closing up $.025 to settle at $3.20.  This recent mini-bull run has brought the prompt month from a recent low of $2.893 on Nov. 1 to a 10% increase to at $3.20.  The move appears to be entirely related to the change in weather forecasts, moving from above-average along the east coast, to much below average for the east coast.  That’ll lead to much higher heating-related demand.  And although NG production continues to increase, it isn’t offsetting the higher demand.  Keep in mind LNG exports are on the rise, currently ~3.25 Bcf/d with further additions scheduled to come on-line from the existing Cheniere facility and Cove Point, which should come on-line in roughly a month from now.

 

Market Update 111017 

Market Settles 110917

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