Market Updates

Daily Market Update September 15, 2017

Early Morning Update

The Oct17 natural gas contract is down $.04 to $3.03.  Oct17 crude is up $0.11 at $50.00.

Summary

The NYMEX prompt contract settled higher for the fourth day in a row, finishing up $.012 to close at $3.07.  The EIA reported a near miss injection of 91 Bcf instead of the expected 94 Bcf.  The market bumped up a few cents on the news.  The large injection is a reflection of the loss of demand due to Hurricanes Harvey and Irma.  NG production remains high at nearly 74 Bcf/d but the power outages and infrastructure damage due to the storms caused lower NG demand for much of the last several weeks.  Expected injection for the week ending Sep 15 is in the high 80’s.  With the larger injections, estimated end-of-season storage levels have bumped up to 3.81-3.82 Tcf.  Weather forecasts for the next two weeks show a new pattern: Cold west/warm east, after months of the exact opposite.  

 

Market Update 091517

Market Settles 091417

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