Market Updates

Daily Market Update October 27, 2017

Early Morning Update

The Nov17 natural gas contract is trading down $0.07 at $2.82.  The Dec17 crude contract is down $0.13 at $52.51. 

Summary

The prompt NG contract opened lower yesterday, and stayed lower throughout the day to close down $.084 at $2.89.  Weather forecasts for the east coast have taken a warmer turn and that is the likely culprit for the downward move in price.  The EIA reported a build into storage that was a touch below estimates (64 vs 68 Bcf), but still within the range.  As has been the case recently, the move lower was limited to the near 12 months and the longer terms saw no movement.  
The Nov ‘17 will expire today and recent weather forecasts have been pressuring the contract lower, but volatility at the expiration is not uncommon.  Monday will begin with Dec ‘17 as the prompt month.

 

Market Update 102717

Market Settles 102617

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