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Daily Market Update November 22, 2017

Early Morning Update

The Dec17 natural gas contract is trading down $0.05 at $2.97.  The Jan18 crude contract is up $1.02 at $57.85.



After reaching a recent high of $3.213/MMBtu on Nov. 10, the Dec ‘17 NYMEX NG contract continued its slow grind down during yesterday’s trading session, settling at $3.017/MMBtu for the day. Although total U.S. natural gas demand is averaging ~84 Bcf/d this month, 10.3 Bcf/d higher than Nov ‘16, lead primarily by higher residential and commercial demand, bearish fundamentals weigh on the market. Weather is forecasted to return to a traditional La Nina pattern in the National Weather Service’s 8-14 day outlook. This means cooler-than-normal temperatures confined to the upper north west and warmer-than-normal temperatures blanketing the rest of the country, which would suppress demand growth in the first part of December. Due to the holiday tomorrow, the EIA will release their natural gas storage report today at noon, EST. Estimates range from 48-63 Bcf withdrawal for the week ending Nov. 17, with a consensus formed around a 54 Bcf withdrawal. If today’s report is in line with expectations, it will be a very large draw for this time of year, considering at this time last year, a 2 Bcf injection was reported and the average of the last five years is a 26 Bcf withdrawal. There will not be a Daily Market Update issued on Thursday or Friday this week. From everyone at Direct Energy Business, we wish you a Happy Thanksgiving!


Market Update 1122 

Market Settles 112117

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