Daily Market Update October 25, 2017
Early Morning Update
The Nov17 natural gas contract is trading down $0.05 at $2.92. The Dec17 crude contract is down $0.28 at $52.19.
Summary
Domestic dry natural gas production set a new record high of 75.2 Bcf/d on Tuesday, and, after posting three consecutive days of gains, the NYMEX prompt month natural gas contract lost 1.7 cents, settling at $2.974/MMBtu. Downside was limited as cooler temperatures increased US demand by 3.3 Bcf yesterday. The 6-10 day outlook, published by the National Weather Service, lowered the probability for below normal temperatures in most of the midcontinent and southeast from 40-90% to 30-60% probability. The 8-14 day outlook was mostly unchanged yesterday still forecasting below normal temperatures for most of the northern half of the country, excluding the northeast, which is one of the country’s largest natural gas demand centers.
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