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Daily Market Update September 20, 2018

Early Morning Update

The Oct18 natural gas contract is trading up $0.01 at $2.92. The Oct18 crude contract is up $0.13 at $71.25.

 

Summary

With signs of easing of the demand for natural gas, the prompt month NYMEX contract slipped 2.5 cents yesterday to settle at $2.908/MMBtu. Most of the decline in demand came from the power generation sector, which dropped 1.4 Bcf/d from yesterday to 37.3 Bcf/d. Power burn has averaged 33.7 Bcf/d so far this month, with September expected to set an all-time high demand at 31.6 Bcf/d. Cooler temperatures are beginning to set in across most of the country, which is helping relieve some of the natural gas demand as we move further into the shoulder season. The market is anticipating the U.S. Energy Information Administration to report an injection into storage for the week ending Sep. 14 in the low 80s. A build of this size would be larger than the five-year average, a rare occurrence in this storage-building season. However, the next two projected injections are expected to total about 36 Bcf less than the 5YA. According to Platts Analytics, their end-of-season storage level estimate is now 3.26 Tcf, 15% below the 5YA and the lowest level seen in over a decade.

 

Market Update 092018

Market Settles 091918

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