Market Updates

Daily Market Update September 6, 2017

Early Morning Update

The Oct17 natural gas contract is trading up $0.03 at $3.00.  Oct17 crude is up $0.64 at $49.30.

Summary

News of lackluster demand and natural gas production growth forced the October 2017 NYMEX natural gas contract to plummet 9.8 cents during yesterday’s trading session. Weather outlooks for the next two weeks remain bearish for the eastern half of the country, while the western half continues to roast. Moreover, Texas demand still suffers from the lasting impact of Hurricane Harvey; as of yesterday, Texas utilities estimated upwards of 50,000 customers were still without power. LNG and Mexican exports also struggle to reach pre-Harvey levels. Hurricane Irma trajectories indicate the storm will most likely hit Florida this weekend, which will lead to more power outages and decreased demand in the near future. Meanwhile, gulf production has recovered relatively quickly after Harvey, and total domestic dry natural gas production has been very healthy, setting a new all-time high yesterday at 73.8 Bcf/d.

 

Market Update 090617

Market Settles 090517

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