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Daily Market Update October 23, 2018

Early Morning Update

The Nov18 natural gas contract is trading up $0.01 at $3.15. The Nov18 crude contract is down $1.16 at $68.20.

 

Summary

Strong production led to a drop-off in natural gas prices on Monday, as the November prompt month lost 11 cents to settle at $3.138/MMBtu. The 12-month strip dropped over five cents to $2.911, and the 2019 and 2020 years fell by four and one cent respectively, to $2.86 and $2.68. New highs for major producing regions in the Northeast and South are expected to keep nationwide production steady above 84 Bcf/d for the next two weeks. However, this also comes as heating demand across the country is ramping up in response to the cold front that is spread up and down the East Coast. Residential and commercial demand has risen over 20% versus last October as a result, but the cold is looking to subside as we start November with fairly neutral temperatures across the country.

 

Market Update 102318

Market Settles 102218

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