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Daily Market Update October 3, 2017

Early Morning Update

The Nov17 natural gas contract is trading down $0.02 at $2.90.  Nov17 crude is down $0.28 at $50.30.

 

Summary

Mixed weather forecasts and abundant supply pressured the November prompt month down 9.1 cents on Monday, which closed at $2.916/MMBtu. Calendar 2018 lost nearly three cents to $3.02, and years 2019-2022 all moved less than a penny in either direction, between $2.84-$2.89. The Midwest will finally see some relief from their record-breaking late-season heat, as near-normal temperatures are expected to emerge in the six to ten day forecast. The East Coast is still expected to run with highs in the upper 70s to low 80s until mid-next week, while the West Coast is continuing its reprieve from the scorching summer months. Production has remained strong, averaging above 74 Bcf/d for the last week. Demand has been recovering from the destruction of Hurricanes Harvey and Irma, and we’ve seen that echoed in the storage injections that were published last week and the 46 Bcf expected to be announced this Thursday. 

 

Market Update 100317 

Market Settles 100217

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