Market Updates

Daily Market Update November 9, 2017

Early Morning Update

The Dec17 natural gas contract is trading up $0.03 at $3.20.  The Dec17 crude contract is up $0.09 at $56.90.

Summary

As cold weather in the eastern half of the U.S. pushes demand for natural gas higher, the prompt month continued its march higher yesterday.  The December natural gas contract settled at $3.175/MMBtu on Wednesday, up 2.3 cents from the previous day’s close.  Total demand is projected to be 2.3 Bcf/d higher day-over-day, with demand from the res/comm sector leading the way, up 1.7 Bcf/d today.  Increased demand in the Northeast and Midwest has helped push Canadian imports higher, as well, which are up nearly 1.0 Bcf/d since Monday.  The U.S. Energy Information Administration is expected to report the last storage build of the season this morning.  Estimates range from a 3 Bcf withdrawal to a 26 Bcf injection for the week to Nov. 3, with a consensus formed around a 14 Bcf growth in inventories.  Last year saw a 54 Bcf build for the same week, and the five-year average is a 45 Bcf injection.  With a build at consensus, natural gas stockpiles would begin the winter withdrawal season at 3,789 Bcf, 220 Bcf (5.5%) below last year, and 72 Bcf (1.9%) less than the five-year average.

 

Market Update 1109 

Market Settles 110817

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