Market Updates

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.

 
 
 

Summary

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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