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Daily Market Update September 27, 2017

Early Morning Update

The Oct17 natural gas contract is trading up $0.02 at $2.94.  Nov17 crude is up $0.02 at $51.90.



Without fundamental support to move NYMEX natural gas prices in either direction, the Oct17 contract was mostly unchanged throughout yesterday, ultimately settling down a penny at $ 2.918/MMBtu on it's second to last day of trading. Short-term weather outlooks indicate the extreme above-normal temperatures felt across much of the Midwest and East Coast for the past week-and-a-half are expected to cool off dramatically after today. PJM wide, for example, has an average forecast high of 86 degrees today, 14 degrees above the 30-year-normal; tomorrow, the average high is more than ten degrees lower at 75, and only two degrees above the 30-year-normal. The lower temperatures are expected to reduce Midwest power burns by 35% tomorrow, helping to decrease national burns by 10%. Potentially increasing future natural gas demand, news came yesterday that Chenier Energy requested permission from U.S. regulators to place the fourth LNG export train into service at their Sabine Pass terminal. Sabine Pass will ultimately include six liquefaction trains for a total export capacity of ~3.8 Bcf/d. 


Market Update 092717 

Market Settles 092617

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