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Daily Market Update October 25, 2018

Early Morning Update

The Nov18 natural gas contract is trading up $0.03 at $3.20. The Dec18 crude contract is up $0.43 at $67.25.

 

Summary

The NYMEX November natural gas futures price fell 4.6 cents and settled at $3.166/MMBtu yesterday.  Warmer-than-average weather is expected in the West and the southern region, while mild temperatures are likely in the eastern half of the U.S.  Total U.S. demand increased by 1.2 Bcf/d to 83.7 Bcf/d on Wednesday, largely driven by gains in residential and commercial demand.  Over the next seven days, demand is estimated to dip and average 80.5 Bcf/d, as temperatures return to seasonal norms, which should result in stronger injections in the coming weeks.  Unfortunately, expectations for next week’s storage injections will be significantly below the five-year average of 77 Bcf, and, instead, come in around 54 Bcf.  U.S. production fell 1.0 Bcf/d day-on-day to 83.2 Bcf/d for Wednesday, with declines concentrated largely in the Northeast, Texas, and the Southeast.  Overall, the NYMEX market dipped slightly, as the 12-month strip dropped four cents to $2.904, and the 2019 and 2020 years fell by about three and one cent, respectively, to $2.848 and $2.676.

 

Market Update 102518

Market Settles 102418

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