Market Updates

Daily Market Update November 20, 2017

Early Morning Update

The Dec17 natural gas contract is trading down $0.06 at $3.04.  The Dec17 crude contract is down $0.45 at $56.10.

 

Summary

On Friday, the NYMEX natural gas futures price for December gained 4.4 cents to settle at $3.097/MMBtu. The market continues to remain focused on weather forecasts to dictate near-term price movement. Temperatures for the 1-5 and 6-10 day forecasts show normal to below-normal temperatures for the majority of the East Coast, indicating continued bullish natural gas heating demand into December. For the week ending November 15th, the U.S. Energy Information Administration’s “Natural Gas Weekly Update” reported that U.S. natural gas demand was up by 14% week-on-week. Production remains strong, helping to keep a ceiling on prices, and has remained above 76 Bcf/d. According to Baker Hughes, the total U.S. rig count has reached 915 during the week ending November 17th, a 327 increase compared to last year.

 

Market Update 1120

Market Settles 111717

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