Market Updates

Daily Market Update October 13, 2017

Early Morning Update

The Nov17 natural gas contract is trading up $0.04 at $3.02.  The Nov17 crude contract is up $1.08 at $51.68.

 

Summary

The EIA reported a (very) slightly larger than expected build into storage of 87 Bcf (expectations were mid 80’s).  The NG market initially didn't’ move, but began to creep higher then ultimately settled up a dime to close at $2.989.  End of season storage levels were revised slightly lower to now be at 3.82 Tcf.  NG production has dipped due to Hurricane Nate but should ramp back up as crews move back out the gulf and processes are restarted.  
In addition to short-term NG volatility, the long-term NG strips have been creeping higher.  Cal ‘20, for example, closed yesterday at $2.845 when on Aug 25 it closed at $2.745.  It’s not a huge move, but it’s been steady and is indicative of the rising costs of production.  It’s still a good value compared to history but is gaining strength.

 

Market Update 101317 

Market Settles 101217

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