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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.


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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