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Daily Market Update August 12, 2019

Early Morning Update

The Sep19 natural gas contract is trading down $0.05 at $2.07.  The Sep19 crude oil contract is up $0.73 at $53.27.


On Friday, the September 2019 NYMEX natural gas futures price showed little movement, falling just 0.9 cent on the day to settle at $2.119/MMBtu. U.S. dry production remains at impressive levels, averaging over 90 Bcf/d last week, before reaching a fresh all-time high of 91.0 Bcf/d on Sunday, with the majority of the increase coming from the Northeast and Southeast regions. While supply continues to grow, demand for natural gas has fallen slightly. LNG exports are down - Sabine Pass is doing maintenance on trains 3 and 4, along with a drop in Corpus Christi volumes, most likely due to final testing before starting commercial service later this month. Heat has returned to weather forecasts. This week, the majority of the warmer-than-normal temps will cover Texas and the Southeast. In the 6-10 day forecast through the end of this month, the heat reemerges in the Northeast, a major demand center for natural gas, and the West, mainly California. The market doesn’t seem to be reacting to these warming forecasts (yet).

Market Update081219

Market Settles 08092019

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