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Daily Market Update August 13, 2018

Early Morning Update

The Sep18 natural gas contract is trading down $0.02 at $2.92. The Sep18 crude contract is down $0.23 at $67.40.

 
 
 

Summary

On Friday, the September 2018 NYMEX natural gas futures price fell slightly by 1.1 cents on the day to settle at $2.944/MMBtu. The prompt month gained about nine cents versus the previous Friday, despite total U.S. demand for natural gas falling due to mostly mild temperatures and a decrease in power burns. Total U.S. demand hit a low of 67.7 Bcf/d over the weekend, the lowest in the past week, but is anticipated to increase with warming temperatures. The 1-5 day forecast shows some much needed relief for Texas, with below-average temperatures, and the heat contained to the northern half of the country, mostly in the Northwest. The end-of-season storage deficit to historical benchmarks still remains wide after last week’s EIA storage report of a 46 Bcf injection, bringing levels to 20%  below the five-year average. U.S. dry production fell due to pipeline maintenance, but continues to remain healthy above 80 Bcf/d.

 

 

Market Update 081318

Market Settles 081018

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