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Daily Market Update August 8, 2018

Early Morning Update

The Sep18 natural gas contract is trading up $0.01 at $2.91. The Sep18 crude contract is down $0.92 at $68.25.



Supported by lingering heat, the prompt month natural gas contract posted gains for the fourth consecutive trading day yesterday. The September contract settled 3.7 cents higher than Monday’s close at $2.897/MMBtu. The U.S. Energy Information Administration published their “Short-Term Energy Outlook” yesterday. 2019 predictions for natural gas included production to average 84.1 Bcf/d (0.3 lower than the June EIA STEO release), pipeline exports to average 8.5 Bcf/d, with growth supported by expanding Mexican infrastructure and new pipeline border crossings, and LNG exports estimated to grow to an average of 5.1 Bcf/d. With China being the third largest consumer of U.S. LNG exports to date, their recent threat to impose a tariff on U.S. LNG could certainly put a hindrance on the LNG export outlook for the United States. NYMEX NG calendar strips 2020-2023 remain low, trading in a tight range between 2.62 and 2.66, and are, on average, ~2 cents above their all-time lows that were set recently.



Market Update 080818

Market Settles 080718

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