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Daily Market Update November 27, 2018

Early Morning Update

The Dec18 natural gas contract is trading down $0.04 at $4.21. The Jan19 crude contract is down $0.13 at $51.50.

 

Summary

Natural gas continued its extreme variability on Monday, this time to the downside, as natural gas production hit new highs. The December prompt month lost six cents to $4.248/MMBtu, the 12-month strip dropped three cents to $3.238, and the 2019 and 2020 years went down two and one-half cents and less than a penny, respectively, to $3.130 and $2.653. National production just edged out the record hit on Sunday, topping out at 86.1 Bcf/d yesterday. Gains came mainly from Texas, where the Permian shale continues its prolific increase in supply. Weather forecasts over the coming weeks appear varied, with the colder East and warmer-than-normal West, essentially flipping coasts over the next ten days. The East Coast looks to warm slightly in the first week of December, while the western half of the country dips below normal.

 

Market Update 112718

Market Settles 112618

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