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Daily Market Update September 19, 2017

Early Morning Update

The Oct17 natural gas contract is trading flat at $3.15.  Oct17 crude is up $0.29 at $50.20.



Summer is fitting whatever heat it can into its last few days, and October natural gas futures surged 12 cents on Monday to $3.146/MMBtu in reaction. Calendar year 2018 was up 3.6 cents, and calendar years 2019 through 2021 rose slightly, between one and two cents. 2018-2021 remain backwardated. Warmer-than-normal conditions will persist in the East and Midwest throughout this week and weekend, and overall demand is expected to increase by over 1.0 Bcf/day compared to the September month-to-date values. Production is continuing to set new all-time highs, as we saw Monday’s level of 74.5 Bcf/d eclipse the record just set on Friday. Climbing production values can be attributed in part to the Rover pipeline becoming partially in service, increasing takeaway capacity in Ohio and Pennsylvania by 0.7 Bcf/day. LNG and Mexican exports have also broached all-time highs, indicating the probable operation of the fourth export train at the Sabine Pass LNG export facility.


Market Update 091917

Market Settles 091817

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