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Daily Market Update September 7, 2018

Early Morning Update

The Oct18 natural gas contract is trading flat to yesterday’s close at $2.77. The Oct18 crude contract is down $0.04 at $67.73.



Another slide in pricing yesterday as the prompt month lost $.023 to close at $2.772.  Since reaching a recent high of $2.966 on August 14th, the market has slowly drifted nearly 20c lower.  The 12 month strip has lost 18c over that same period and Cal ’19 13c.  It is not uncommon for there to be a ’fall-dip’ in pricing.  Is this it?  A dip in prices during the fall often corresponds to a cooling of temperatures, but weather forecasts continue to show above average temps through late September for most of the country.  And this comes after what was the 4th hottest summer on record.  
Also yesterday was the latest EIA storage report where a build of 63 bcf was announced.  The build was in-line with expectations and increased storage levels to 2.568 Tcf.  Storage levels remain 20% below last year and nearly 19% below the 5-year average.  A testament to the strong demand over this hot summer.  



Market Update 090718 

Market Settles 090618

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