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Daily Market Update August 7, 2018

Early Morning Update

The Sep18 natural gas contract is trading up $0.02 at $2.88. The Sep18 crude contract is up $0.39 at $69.40.



There were minimal movements in the market yesterday, as production stayed in lock-step with increasing nationwide demand. All terms moved less than a cent yesterday, as the September prompt month settled to $2.860, the 12-month strip finished at $2.827, and the 2019 and 2020 years settled at $2.764 and $2.618, respectively. Production has begun to strengthen again after pipeline maintenance activities subside, with nationwide totals coming in above 81 Bc/f over the last two days. Averages around 80.5 for the next two weeks represent a nearly 10% increase over 2017 production numbers. However, with balmy temperatures widespread across California, the Midwest, and Northeast, there is little to no room for any movement against the storage deficit. Weather forecasts show solidly above-normal heat on the West Coast through the weekend, putting additional pressure on power burns in that region. Relief should come by next week to California, but the Northeast is expected to see slightly above-normal temperatures pretty steadily for the next three weeks. 



Market Update 080718

Market Settles 080618

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