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Daily Market Update October 12, 2017

Early Morning Update

The Nov17 natural gas contract is trading up $0.04 at $2.93.  The Nov17 crude contract is down $0.70 at $50.60.

 

Summary

In trading on Wednesday, the Nov17 natural gas contract opened the session up almost six cents before losing stream mid-day and ultimately closing near flat to the previous day’s close at $2.889/MMBtu.  Weather forecasts continue to show a warmer-than-normal trend keeping the month of October on track to be one of the warmest Octobers on record across the Northeast.  Meanwhile, a weak cold front pushed into Texas this week, reducing power-related gas demand.  The 6-10 day and 8-14 day outlooks, published by the National Weather Service, show above to much-above-normal temperatures across the United States for all areas east of the Rocky Mountains, delaying the onset of winter and keeping heating demand at bay for the time-being.  The market is expecting an 86 Bcf injection into storage this week, which is in line with the 5-year average of 87 Bcf.  End-of-season storage estimates continue to hover near 3.83 Tcf.

 

Market Update 101217 

Market Settles 101117

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