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Daily Market Update September 18, 2018

Early Morning Update

The Oct18 natural gas contract is trading up $0.03 at $2.84. The Oct18 crude contract is up $0.69 at $69.60.

 

Summary

The natural gas market gained steam Monday, bolstered by expected lower supply and immediate upcoming warmer weather. The October prompt month rose nearly five cents to $2.814, the 12-month strip went up just over one cent to $2.731, and 2019 and 2020 both edged up less than a penny to $2.702 and $2.62, respectively. Production did hit a new high of 84.0 Bcf/d yesterday, but the two week forecast looks to average more than 1.0 Bcf/d below that, around 82.7 Bcf/d. Also on the supply side, Canadian imports are currently down 14% versus 2017. Temperatures in the Mid-continent and on the East Coast look to remain elevated through the end of this week, but will begin to subside through the last week of September. If we continue to see warmer temperatures through October, an extended cooling season may eat away at potential injections as we move closer to withdrawal season.

 

Market Update 091818

Market Settles 091718

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