Market Updates

Daily Market Update September 11, 2017

Early Morning Update

The Oct17 natural gas contract is trading up $0.05 at $2.94.  Oct17 crude is down $0.28 at $47.20.

 

Summary

On Friday, the NYMEX natural gas futures price for October tumbled 9.1 cents to $2.890/MMBtu. Revisions to weather forecasts calling for warmer-than-normal temperatures have pushed prices up slightly this morning. The 6-10 day forecast is calling for warmer-than-normal temps for most of the central U.S., and normal temperatures for the majority of the Northeast.  This trend could mean we will see a bump in cooling demand. The effects from Hurricane Irma have started to weaken much of the electricity demand in Florida.  As of yesterday afternoon, the Department of Energy has estimated that around 18% of the state’s customers have been affected by power outages. The storm has begun to weaken, heading through Tampa this morning, and is barely hanging onto its category 1 strength. Injections into storage through the end of the refill season are expected to fall more in line with the five-year average numbers. The EIA’s estimate for end-of-season storage levels this year is 3.746 Tcf, which, despite being below the five-year average, the market seems to view as an adequate amount going into winter.

 

Market Update 091117 

Market Settles 090817

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