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Daily Market Update October 26, 2018

Early Morning Update

The Nov18 natural gas contract is trading down $0.05 at $3.15. The Dec18 crude contract is down $0.65 at $66.68.

 

Summary

Another choppy day for the NYMEX prompt month as prices traded in a range of $3.15 to $3.23 before ultimately finishing up $.036 to close at $3.202.  The market traded higher all morning, then slipped a bit as the EIA reported a larger-than-expected build into storage of 58 Bcf.  The build was actually 63 Bcf but 5 Bcf was reclassified and the net result was a build of 58.  
Weather forecasts along the east coast are transitioning from below-normal to normal as we are finally expecting some ‘average’ temps.  
On the power side, prices in the northeast have stabilized, at least for the time being.  Lower crude pricing and ‘not brutally cold’ winter weather forecasts have stalled pricing in those markets.

 

Market Update 102618

Market Settles 102518

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