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Daily Market Update November 14, 2017

Early Morning Update

The Dec17 natural gas contract is trading down $0.09 at $3.08.  The Dec17 crude contract is down $0.21 at $56.55.



With temperatures moderating in the Northeast and Midwest, total U.S. demand for natural gas is down 0.9 Bcf/d today from yesterday, and is down 6.8 Bcf/d (7%) form the past six-day average.  In the res-comm sector, demand is down 1.1 Bcf/d day-over-day.  Feedgas for LNG exports has backed off, as well, with deliveries to the Sabine Pass export terminal stymied by ongoing upstream maintenance.  Meanwhile, U.S. lower 48 dry production continues to set new records, reaching 77.1 Bcf/d on Sunday.  With some profit-taking thrown into the mix, all of this has combined to help push natural gas prices lower, with the prompt month seeing declines for the first time in seven straight sessions.  The Dec17 contract lost 4.6 cents on Monday, settling at $3.167/MMBtu.  The arrival of the first burst of cold weather this season gave natural gas prices a boost, but the uncertainty over longer-term winter forecasts seems to be squelching the upside.  Updates to preliminary winter outlooks should be coming out in the next few weeks.


Market Update 1114 

Market Settles 111317

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