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Daily Market Update November 3, 2017

Early Morning Update

The Dec17 natural gas contract is trading up $0.04 at $2.97.  The Dec17 crude contract is up $0.25 at $54.79.

Summary

The prompt NG contract saw a small rebound in pricing after falling steadily since mid-October.  The prompt contract finished up $.042 to close at $2.935.  This comes after the EIA reported a build into storage of 65 Bcf, roughly in-line with expectations.  Whether this move is the ‘dead cat bounce’, or part of a larger move higher is yet to be determined.  The market has had its fair share of bearish news lately as NG production seems to set a new record every day, and weather related demand looks to be lower with the current November forecasts showing above-average temperatures for the major heating-demand centers.  But there is widespread disagreement over the weather direction for this coming winter.  While most forecasters feel there will be a La Nina weather pattern, its exact effect is not yet known.

 

Market Update 110317 

Market Settles 110217

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