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Daily Market Update September 28, 2017

Early Morning Update

The Nov17 natural gas contract is trading down $0.03 at $3.03.  Nov17 crude is up $0.56 at $52.70.



For the twelfth straight month, the prompt month climbed higher in it’s last day of trading before rolling off the board.  The Oct17 NYMEX natural gas contract gained 5.6 cents to settle at 2.974/MMBtu before expiring.  Nov17 makes its debut as the prompt today, and that, too, traded up yesterday, gaining 6.1 cents and settling at 3.061/MMBtu.  Day-ahead power prices across the country have returned to more seasonal levels, as the hot temperatures that have been gripping the eastern half of the U.S. dissipate and normal temperatures settle in.  However, the late season heat wave is expected to have boosted cooling demand, and, in turn, slowed the pace of storage-building.  Estimates for the injection for the week to Sep. 22 range widely from 56 to 103 Bcf, with a median estimate at 67 Bcf.  This would be higher than the 49 Bcf growth in storage inventories for the corresponding week last year, but a far cry from the 84 Bcf five-year average.  Data from the National Oceanic and Atmospheric Administration show 77.4% more cooling degree days than normal for the week to Sep. 23.


Market Update 092817 

Market Settles 092717

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