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Daily Market Update August 28, 2018

Early Morning Update

The Sep18 natural gas contract is trading down $0.01 at $2.86. The Oct18 crude contract is up $0.03 at $68.90.




Gas and Power markets dipped yesterday despite scorching hot temperatures across much of the country.  Weather forecasts show above average temperatures through the end of next week, then an easing of the hot weather.  Given the high rate of NG production, it appears as though the market is banking on looser condition once the weather finally (hopefully) breaks.  Speaking of production, we did hit another all-time higher yesterday at 82.8 Bcf.  This is roughly 10 Bcf/d higher than this time last year.  Most analysts had forecasted a growth in production but the rate of growth appears to have outpaced many expectations. This is fortunate because NG demand has also been very high, especially on the powerburn side.  For this July and August, we have burned near 200 Bcf more than last July and August.  This has contributed to the low storage levels and deficits to last year and the 5-year average.



Market Update 082818

Market Settles 082718


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