Market Updates

Daily Market Update November 29, 2017

Early Morning Update

The Jan18 natural gas contract is trading up $0.08 at $3.21.  The Jan18 crude contract is down $0.19 at $57.80.

 

Summary

Supported by short-covering and bullish revisions to weather forecasts, the December 2017 NYMEX natural gas contract soared to expiration yesterday, gaining 14.6 cents and finishing at $3.074/MMBtu. The National Weather Service’s 8-14 day outlook published yesterday predicting a drastic flip from the typical La Nina, cool Northwest, warm East weather pattern the country is currently experiencing. While forecasts remain on track for one of the warmest first weeks of December on record, the flip in the 8-14 day outlook has the potential to bring significant heating demand to the second half of December, as most eastern U.S. homes consume natural gas for heat. Gains in the natural gas market yesterday were not confined to the prompt month, as Q1 2018 increased by 11 cents to $3.12/MMBtu, and 2018 increased by six cents, now just above $3, as it had been before the Thanksgiving holiday.

 

 Market Update 1129

Market Settles 112817

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