Market Updates

Daily Market Update November 15, 2017

Early Morning Update

The Dec17 natural gas contract is trading up $0.02 at $3.12.  The Dec17 crude contract is down $0.50 at $55.20.

 

Summary

Unpredictable weather continues to create volatility in near-term NYMEX NG pricing. NOAA is expected to update their winter forecast tomorrow, November 16, as a consensus in wither outlooks has yet to appear in the market. Monday ended a seven-day streak of gains, and yesterday, the December ‘17 contract fell another 6.5 cents to $3.102/MMBtu. Most analysts believe higher gas prices after a week-long rally, coupled with uncertainty in winter weather, initiated profit-taking yesterday, as traders sold long positions. Record-setting natural gas production remains a bearish sentiment in the marketplace, hitting a record high of 76.3 Bcf/d on Monday. Additionally, the latest “Drilling Productivity Report” from the U.S Energy Information Administration predicts the output from shale gas will increase by 1.3% next month.

 

Market Update 1115 

Market Settles 111417

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