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Daily Market Update August 22, 2018

Early Morning Update

The Sep18 natural gas contract is trading down $0.01 at $2.97. The Sep18 crude contract is up $1.36 at $67.20.

 
 

Summary

Supported by lingering heat expected for the first part of September, the prompt month NYMEX NG contract settled 3.9 cents higher than Monday’s settlement price at $2.98/MMBtu yesterday. U.S. dry natural gas production remains strong, averaging ~81.6 Bcf/d this month, 13% higher than August 2017, seemingly keeping upside support limited. On trend with the ever-changing regulatory front, yesterday, the EPA proposed the Affordable Clean Energy (ACE) rule as a replacement for the Clean Power Plan (CPP). The ACE rule’s market impact, if any, is unclear at this point. According to the EIA, ~13.5 GW of coal capacity is slated for closure this year. Many coal retirements that occurred over the past few years have been attributed to market economics, rather than regulation requirements. The EPA plans to issue a final rule in early 2019, but could take several years to review and approve individual state compliance plans.

 

 

Market Update 082218

Market Settles 082118

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