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Daily Market Update August 29, 2018

Early Morning Update

The Sep18 natural gas contract is trading up $0.02 at $2.87. The Oct18 crude contract is up $0.62 at $69.15. 

 

Summary

Gas and power markets continued their descent yesterday, despite warmer revisions to weather outlooks and the scorching hot temperatures across much of the country that attributed to peaking demand in many of the country’s ISOs. On its second to last day of trading, the September 2018 NYMEX natural gas contract settled 2.4 cents lower than Monday’s settlement price at $2.852/MMBtu. The 2021-2023 calendar strips reached all-time lows on Tuesday, as well, at $2.546, $2.540, and $2.597, respectively. NG production seems to be the big bear in the market, continuing to set records, and has held above 82 Bcf/d since August 16. The upcoming winter term posted even greater losses yesterday, 2.7 cents on average, as it appears there is confidence that the supply/demand balance will break once the current heat dissipates. Even so, there is a lot of ground to be made up, with current storage levels lagging the five-year average, as well as last year benchmarks by ~20%.

 

 

Market Update 082918

Market Settles 082818

 

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