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Daily Market Update October 5, 2018

Early Morning Update

The Nov18 natural gas contract is trading up $0.03 at $3.19.  The Nov18 crude contract is up $0.20 at $74.53.

 

Summary

A large injection into storage was reported by the EIA yesterday, taking some of the sting out of this recent rally.   98 Bcf was larger than estimates and caused prices to fall immediately following the report.  Prompt month prices fell to as low as $3.129 before recovering slightly to end the day down $.065 to $3.165.  Long-term pricing saw very little movement, with Cal ‘20 and beyond nearly unchanged on the day.  
Weather forecasts for the next 10 days show above average temps along the east coast.  Demand is elevated and generator maintenance is leaving the region susceptible to higher index prices due to lower reserve margins.
ERCOT saw a huge price spike yesterday as an unexpected capacity shortfall was experienced.  ERCOT saw an entire hour clear at $1193 and the onpk period cleared near $200.  

 

Market Update 100518

Market Settles 100418

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