Market Updates

Daily Market Update November 30, 2017

Early Morning Update

The Jan18 natural gas contract is trading down $0.08 at $3.10.  The Jan18 crude contract is up $0.40 at $57.70.

 

Summary

In its debut as the prompt month, the Jan18 natural gas contract continued to climb higher yesterday, fueled by colder weather outlooks and the expectations of increased demand.  The National Weather Service is forecasting almost a complete reversal from the 6-10 day outlook to the 8-14 view.  Much-cooler-than-normal temperatures are expected to spread across the eastern half of the country over the next two weeks, while the West warms to normal and slightly above normal.  January futures rose 5.1 cents to settle at $3.179/MMBtu on Wednesday ahead of the U.S. Energy Information Administration’s weekly storage report, due out this morning.  Estimates for the withdrawal for the week to Nov. 24 range from 28 to 48 Bcf, with consensus formed around a 35 Bcf pull from stockpiles.  This would be bearish compared to the 43 Bcf withdrawal seen last year for the same week, as well as the -47 Bcf five-year average.  Bentek Energy is projecting a 2 Bcf injection for next week’s report due to the current warmer-than-normal weather conditions.

 

Market Update 1130 

Market Settles 112917

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