Market Updates

Daily Market Update September 14, 2017

Early Morning Update

The Oct17 natural gas contract is trading down $0.01 at $3.05.  Oct17 crude is up $0.45 at $49.75.

 

Summary

Prices for the Oct17 natural gas contract continued higher in trading on Wednesday to close up an additional 5.7 cents at $3.058/MMBtu.  After closing down nine cents on Friday, prices this week have rallied sharply, as temperatures are expected to start warming across the country once again.  Weather-related demand is increasing, as crews continue to bring service back on line to many of the customers affected by the recent hurricanes.  Temperatures across Texas are expected to reach the mid-90s in the coming weeks after finishing August well below normal.  As demand increases, production has stepped down from recent highs near 74 Bcf/day to closer to 73 Bcf/day.  Storage injections in the next couple of weeks are expected to come in above the 5-year average due to demand reductions caused by the recent hurricanes and healthy gas production.  The market is expecting an injection of about 82 Bcf when the EIA release their weekly storage report later this morning.  Last year’s injection for the same week was 58 Bcf, and the 5 year-average is 63 Bcf.  Forward calendar strips have bounced off recent lows, but remain fairly range-bound, which may represent a good buying opportunity for customers interested in locking in year-over-year savings before winter weather forecasts are released.

 

Market Update 091417

Market Settles 091317

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