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Daily Market Update November 26, 2018

Early Morning Update

The Dec18 natural gas contract is trading down $0.14 at $4.17. The Jan19 crude contract is up $1.48 at $51.90.

 

Summary

On Wednesday, the December 2018 NYMEX natural gas futures price fell slightly by 7.2 cents, then fell an additional 14.3 cents on Friday, to close out the week at $4.308/MMBtu.  Last week’s decline followed a very bullish first withdrawal of the season reported by the U.S. Energy Information Administration, which was 134 Bcf, much higher than last year’s 42 Bcf pull for the same week, as well as the 25 Bcf five year average withdrawal. After some moderating weather over the weekend, we are expecting to see cooler-than-normal temperatures return over the next week, with an update made to the 6-10 day forecast showing the East Coast returning to warmer-than-normal temps. The focus of the market remains weather-sensitive this winter, and with the blanket of cooler temps, there could be more volatility in store for near-term pricing. On Sunday, U.S. dry production hit a new record of 86.0 Bcf/d, which is much needed to meet record high demand levels for natural gas.

 

Market Update 112618

Market Settles 112318

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