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Daily Market Update November 29, 2018

Early Morning Update

The Jan19 natural gas contract is trading down $0.13 at $4.57. The Jan19 crude contract is up $0.81 at $51.10.

 

Summary

December 2018 NYMEX natural gas contract gained another 45.3 cents yesterday to settle at $4.715/MMBtu.  Today, the U.S. Energy Information Administration is expected to report a 73 Bcf withdrawal for the week ended November 23, according to a survey of analysts by S&P Global Platts.  A 73 Bcf draw would be more than the 35 Bcf withdrawal in the corresponding week last year, as well as the five-year average pull of 49 Bcf.  The EIA reported a staggering 134 Bcf withdrawal for the week ended November 16, thus, shrinking inventories to 3.113 Tcf, which was 16.6% less than the year-ago inventory of 3.733 Tcf, and 18.6% less than the five-year average of 3.823 Tcf.  On Tuesday, intraday demand hit 106.74 Bcf/d to establish a new intraday max demand for November.  Wednesday looks to be last day of below-normal temperatures for the eastern half of the U.S. before we hit about a week of normal to above-normal temps for the eastern region.  However, this is followed by another cold blast that covers most of the nation.  Record-setting average monthly demand this month of 90.9 Bcf is significantly above the 5-year average of 77.2 Bcf/d.  Any similar stretches of cold in December will not only push demand further up, but also increase the storage deficit and further intensify an already volatile NYMEX market. 

 

Market Update 112918

Market Settles 112818

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