Daily Market Update October 24, 2018
Early Morning Update
The Nov18 natural gas contract is trading up $0.03 at $3.24. The Dec18 crude contract is up $0.62 at $67.05.
Summary
Following Monday’s profit taking contributing to an 11 cent loss, the prompt month natural gas contract gained back 7.4 cents to settle at $3.212/MMBtu yesterday. December and January posted higher gains at 8.4 and 7.9 cents, respectively. After setting a new production high of 84.9 Bcf/d on Monday, estimates indicate production will falter a bit this week due to expected Texas and Northeast production. Despite lower production estimates, the National Weather Service outlooks published yesterday were revised to be slightly more bearish, yet, interestingly, the winter strip gained 5.5 cents. Calendar 2019 settled 2.4 cents higher at $2.88, and longer-term NYMEX NG contracts were mostly unchanged yesterday, still centered between $2.60-$2.70/MMBtu.
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