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Daily Market Update November 28, 2018

Early Morning Update

The Dec18 natural gas contract is trading up $0.17 at $4.43. The Jan19 crude contract is down $0.41 at $51.15.

 

Summary

We saw another unpredictable day in the NYMEX natural gas market yesterday, where the December prompt month contract traded on both sides of the line. During the day, the December contract was once as low as $4.104/MMBtu, before ultimately settling at $4.262/MMBtu, 1.4 cents higher than Monday's settlement. While natural gas production set back-to-back record highs on Sunday and Monday, the market appears to be more concerned with this year's drastic start to the winter heating season. This has been the coldest November dating back to 2014. A cold November, combined with the current natural gas storage deficit, has the market concerned for the upcoming winter season. However, if the cold weakens, most analysts believe winter prices could fall back below $4. Today is the last day to trade the December 2018 contract, with January making its debut as the prompt month on Thursday.

 

 

Market Update 112818

Market Settles 112718

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