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Daily Market Update October 31, 2018

Early Morning Update

The Dec18 natural gas contract is trading up $0.04 at $3.23. The Dec18 crude contract is down $0.13 at $66.05. 

 

Summary

On its first day as prompt month, the December NYMEX natural gas contract lost a modest 1.1 cents yesterday to settle at $3.187/MMBtu, after trading in a 12-cent range between $3.166 and $3.281. While the National Weather Service’s 6-10 day outlook was unchanged yesterday, the 8-14 day outlook had bullish revisions, predicting below-normal temperatures for the middle of the country. After hitting a record high of 85.2 Bcf/d on Sunday, natural gas production has faltered a bit and is estimated to average 84.6 Bcf/d for the next week. Considering natural gas storage is still expected to be at a 13-year low heading into the upcoming winter, this year’s heating demand season may rely more heavily on pipeline supply, rather than traditional storage avenues. Winter concern over supply still lingers, while the market hopes production continues to increase through the winter, though there could be inflated risk in extremely cold conditions due to wellhead freeze-offs.

 

Market Update 103118

Market Settles 103018

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