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Daily Market Update October 4, 2018

Early Morning Update

The Nov18 natural gas contract is trading up $0.01 at $3.24. The Nov18 crude contract is down $0.51 at $75.90. 

Summary

Yesterday, the NYMEX natural gas prompt month continued its ascent, reaching its highest level since Jan 30. The November natural gas contract climbed another 6.4 cents on Wednesday, settling at $3.23/MMBtu, despite being well into the shoulder season, where demand and prices typically soften. Power burn has been setting all-time highs for the past five months, which has provided plenty of support for prices, as well as have increased LNG feedgas and Mexican exports. Transportation constraints out of the Permian Basin to East Texas has only added fuel to the fire. Although demand in the electric generation sector is down 1.0 Bcf/d today from yesterday, the 34.5 Bcf/d reached yesterday was the highest in the last two weeks. The U.S. Energy Information Administration is expected to report a storage injection for the week to Sep. 28 in the low 80s, which is very close to the 84 Bcf five-year average. Needless to say, this will do nothing to  lessen the storage deficit being faced this winter, which is currently expected to be about 16%.

 

Market Update 100418

Market Settles 100318

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