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Daily Market Update August 24, 2018

Early Morning Update

The Sep18 natural gas contract is trading down $0.02 at $2.94. The Oct18 crude contract is up $1.31 at $69.14. 

 

Summary

The NYMEX prompt month expired nearly flat yesterday, closing up $.008 to finish the day at $2.964.  The market barely moved after the EIA reported a on-par with expectations build of 48 Bcf into storage.  We’ve been hovering near the $3.00 level for a few weeks now with no success at breaking above that price.  The weather forecasts are certainly bullish now, with much above-average temperatures forecasted for much of the next three weeks.  With the higher temps should come higher a/c demand and higher use of NG, furthering the trend of low storage injections.  Latest estimates for end/summer storage are near 3.37 Tcf, well below recent history.  

 

 

Market Update 082418

Market Settles 082318

 

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