Market Updates

Daily Market Update October 23, 2017

Early Morning Update

The Nov17 natural gas contract is trading up $0.09 at $3.00.  The Nov17 crude contract is up $0.11 at $51.95.

 

Summary

Colder mid-term weather outlooks helped push the prompt month natural gas contract higher on Friday, as the market anticipates the advent of the heating demand season.  Only New England and areas west of the Rocky Mountains will be spared form temperatures up to eight degrees below normal, according to the National Weather Service’s 6-10 day outlook.  The cooler weather will most likely put a damper on storage building, with less gas available for underground inventories as heating demand ramps up.  The price of gas for November delivery climbed 4.2 cents on Friday, settling the last trading day of the week at $2.915/MMBtu.  Total U.S. natural gas demand is down today from last week, but is expected to climb higher as this week progresses.  Demand in the residential/commercial sector is expected to grow by 7.7 Bcf/d by Friday to 23 Bcf/d, although power burn is projected to drop 1.5 Bcf/d throughout the week to 21 Bcf/d.  Dry production is down to 73.9 Bcf/d today, a steep decline from the record high 74.9 Bcf/d seen last Wednesday.

 

Market Update 102317

Market Settles 102017

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