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Daily Market Update August 16, 2018

Early Morning Update

The Sep18 natural gas contract is trading flat to yesterday’s close at $2.94. The Sep18 crude contract is up $0.29 at $65.30.

 
 

Summary

The market drifted slightly lower in trading on Wednesday to end the day down almost two cents at $2.940/MMBtu. Very hot conditions are expected to continue across the West Coast. Temperatures across the Northeast remain above normal, with the central and southern portions of the U.S. at normal to below-normal. The upcoming winter strip (Nov ’18 - Mar ’19) has seen strength recently, trading up nearly 20 cents since the middle of July. Despite production increases, the storage deficit has not improved much this summer due to warm conditions and higher-than-expected power burns. The market is expecting a 28 Bcf injection into storage for the week to Aug. 10 when the U.S. Energy Information Administration releases their weekly storage report later this morning, which is well below last year’s build of 49 Bcf for the same week, as well as the 56 Bcf 5-year average. Early projection for next week is near 50 Bcf, which is more in-line with the 5-year average level for the corresponding week of 52 Bcf.

 

 

Market Update 081618

Market Settles 081518

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