Market Updates

Daily Market Update September 8, 2017

Early Morning Update

The Oct17 natural gas contract is trading down $0.02 at $2.96.  Oct17 crude is down $0.03 at $49.06.

 

Summary

Another quiet day on the NYMEX as the prompt NG contract settled down $.019 to close the day at $2.981.  The EIA reported a fairly neutral injection of 65 Bcf, higher than last year and the 5-year average.  We’re expecting large builds over the next two weeks as higher production and the loss of demand due to Hurricane Harvey filters through to the storage report.  Next week is forecast at 75 Bcf and the following week is 86 Bcf.  End-of-season storage forecast is roughly 3.8 Tcf, which has risen recently.  Marcellus production has moved to an all-time high due to increased pipeline capacity from Rover, and total US production is also approaching a record with daily volumes near 74 Bcf/d.  Exports via LNG and to Mexico are down due to Hurricane Harvey but should come back on-line as the area recovers from the storm.

 

Market Update 090817

Market Settles 090717

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