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Daily Market Update October 18, 2018

Early Morning Update

The Nov18 natural gas contract is trading down $0.07 at $3.25. The Nov18 crude contract is down $1.00 at $68.75.



November NYMEX closed on Wednesday at $3.320/MMBtu, about eight cents higher than Tuesday. Nuclear outages, coupled with the recent Northeastern drop in production, were big drivers of yesterday’s uptick. Nuclear outages reached 9.3 GW in the Southeast over the weekend, the highest seen this maintenance season. This translated to slightly higher natural gas demand, as power burn increased by more than 1.5 Bcf/d since the weekend. In addition, U.S. production fell 500 MMcf/d to 83 Bcf/d on Wednesday, driven almost exclusively by the Northeast, where there was a 400 MMcf/d drop to 30 Bcf/d. The regional decrease was caused by a 575 MMcf/d fall in Rover production in Ohio. A notice from Vector Pipeline stated that all deliveries from Rover into Vector will be zero until further notice, as volumes currently do not meet the gas-quality standards. Since natural gas storage levels remain at current 13-year lows, production will need to closely balance with demand in order to avoid price spikes. Even prior to the winter season, supply and demand movements have proved to become strong primary drivers in NYMEX price shifts.


Market Update 101818

Market Settles 101718

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