Market Updates

Daily Market Update October 30, 2017

Early Morning Update

The Dec17 natural gas contract is trading flat to Friday’s close at 2.96.  The Dec17 crude contract is up $0.15 at $54.05.

Summary

For the first time in over a year, the prompt month traded down on its final day of trading before passing the baton to its successor.  Natural gas futures for November rolled off the board on Friday, but not before losing almost 14 cents, ultimately settling at $2.752/MMBtu.  December, which makes its debut as the front month today, also traded down on Friday, losing 8.7 cents and settling at $2.964/MMBtu.  Record production, as well as much milder mid-term weather outlooks for the eastern half of the country, have put downward pressure on prices.  U.S. dry production hit an all-time high of 75.8 Bcf/d on Thursday, with a big push from Northeast production, which set a new record of 25.9 Bcf/d that same day.  Bentek’s projection for total production is down to 74.8 Bcf/d this morning, but will most likely be revised upward in later cycles today.  Res/comm demand is up 1.4 Bcf/d from the weekend due to some increasing heating demand, but will most likely taper off throughout the week as temperatures rise across the eastern half of the U.S.  With forecast temperatures not expected to have a significant impact on demand, the storage-building season, which traditionally runs through Oct. 31, could see a few additional builds in November.

 

Market Update 103017

Market Update 102717

Set your ZIP code and utility

Enter a valid ZIP code
Unfortunately, we don't currently service this area. Please try another ZIP code.

Loading please wait...

Don't see your utility?

We currently only provide service to the listed utilities. For question, please contact 1-888-925-9115.

Loading...

54.224.18.114