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Daily Market Update September 25, 2018

Early Morning Update

The Oct18 natural gas contract is trading up $0.005 at $3.04. The Nov18 crude contract is up $0.42 at $72.50.

 

Summary

Natural gas prices continued their ascent yesterday, with the prompt month settling above $3.00 for the first time since June 15. Despite declining demand accompanying falling high temperatures, and U.S. dry production reaching an all-time high yesterday, NYMEX futures for October closed the day at $3.038/MMBtu, up another six cents on the day. Total demand for natural gas has fallen 6.6 Bcf/d over the past six days to 75.5 Bcf/d today, while production pushed the all-time high mark even higher yesterday to 84.3 Bcf/d. National production was boosted by a new record high in Northeast production, which reached 30.2 Bcf/d on Monday. Despite the current bearish fundamentals, the National Weather Service is forecasting cooler-than-normal temperatures for much of the northern U.S. over the next two weeks, and the coming cold front is lending a bullish bent to the market. Concerns over end-of-season storage levels, which are currently projected to be about 3.26 Tcf (15% deficit to the five-year average), are also helping prop up prices.

 

Market Update 092518

Market Settles 092418

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