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Daily Market Update October 22, 2018

Early Morning Update

The Nov18 natural gas contract is trading down $0.08 at $3.17. The Nov18 crude contract is down $0.12 at $69.00. 

 

Summary

On Friday, the November 2018 NYMEX natural gas futures price moved higher by 5.2 cents on the day to settle at $3.250/MMBtu. The cool-than-normal weather temperature trend continues, with the majority of the cooler temps hovering in the eastern half of the county increasing heating demand levels. With the late start to fall, total U.S. demand for natural gas remains strong, but is expected to weaken slightly with declines in power burn levels. Residential/commercial demand remains bullish, and is expected to increase over the next week. U.S. dry production has recovered and is back up to the record levels we saw late last month, after hovering around 83 Bcf/d, possibly due to pipeline maintenance. Friday production hit a new record at 84.7 Bcf/d, with the majority of the gains in the Northeast and Southeast regions. Year-to-date, production is averaging about 7.5 Bcf/d higher than this time last year.

 

Market Update 102218

Market Settles 101918

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