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Daily Market Update August 20, 2018

Early Morning Update

The Sep18 natural gas contract is trading flat to Friday’s close at $2.95. The Sep18 crude contract is up $0.39 at $66.30.

 
 

Summary

On Friday, the Sep18 NYMEX natural gas futures price surged 3.8 cents on the day to settle at $2.946/MMBtu. Strength in the prompt month followed the second consecutive storage report that was slightly above expectations, but was still at a deficit to last year and the 5-year average for the same week. We continue to see pricing creep up towards the $3.00/MMBtu technical trading level, but without having any success at breaking through. As we move towards the end of August, end-of-season inventory expectations are weakening, with the latest estimates down to 3.369 Tcf, providing upward pressure to this upcoming winter’s pricing. The 1-5 day weather forecast shows relief for the middle of the country, with heat contained to the West and Northeast. Forecasts through the end of August are showing continued heat for the Northeast, a major demand center for natural gas. The beginning of September brings warmer-than-normal temperatures to the majority of the country. Yesterday, U.S. dry production hit a new record of 82.7 Bcf/d, and seems to be a factor in keeping a cap on the prompt month price. 

 

 

Market Update 082018

Market Settles 081718

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