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Daily Market Update November 19, 2018

Early Morning Update

The Dec18 natural gas contract is trading up $0.30 at $4.57. The Dec18 crude contract is down $0.46 at $56.00.

 

Summary

On Friday, the December 2018 NYMEX natural gas futures price continued its volatile trend, moving up 23.4 cents on the day to settle at $4.272/MMBtu. The prompt month was rangebound throughout the day between $3.907/MMBtu and $4.39/MMBtu. The focus of the market remains weather-sensitive to this winter, and, unfortunately, we continue to see weather forecasts with a cooler-than-normal temperature trend moving into the beginning of next month. Weather forecasts show colder-than-normal temperatures for Texas and the majority of the eastern half of the country, with some relief expected this weekend and the beginning of next week. Demand for natural gas has been high, not only for heating demand, but also for LNG exports. Demand for exports will only move higher, as the Corpus Christi LNG export facility in Texas begins service and the fifth train at Sabine Pass is in its commissioning phase. U.S. dry production remains at a healthy level, up slightly from Friday, and hovering around 85 Bcf/d.

 

Market Update 111918

Market Settles 111618

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