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Daily Market Update November 16, 2017

Early Morning Update

The Dec17 natural gas contract is trading up $0.02 at $3.10.  The Dec17 crude contract is down $0.13 at $55.20.



After rallying sharply last week, the Dec ’17 natural gas contract has been drifting lower this week on warming weather forecasts.   The prompt month finished trading on Wednesday at $3.080/MMBtu, down nearly 13 cents from Friday’s close.  The market has been focused on weather forecasts to dictate near-term price movement, as longer-term fundamentals are being shaped by growing production and increased exports.  Production has been setting records almost daily as pipeline expansions have allowed more gas to flow.  LNG exports seem poised to grow, with the Cove Point LNG export facility on pace to ship an additional 0.7 Bcf/d out of the U.S., increasing LNG exports to nearly 4.0 Bcf/d.  The market is expecting a 15 Bcf withdrawal when the EIA releases their weekly storage report later this morning.  This would be the first withdrawal of the heating season and would represent a bullish signal when compared to last year’s injection of 34 Bcf and the five-year average injection of 12 Bcf.


Market Update 1116 

Market Settles 111517

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