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Daily Market Update August 13, 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.

Summary

Despite higher power burns and increasing demand, the short-term natural gas market fell a few cents yesterday. After trading as high as $2.157/MMBtu, the September contract settled just above the prompt month’s three-year low at $2.105, 1.4 cents lower day-over-day. Strong storage and bearish preliminary forecasts for fall have started to put downward pressure on the winter gas contracts, as well. Both January and February each fell about a penny closer to their lows, settling at $2.52 and $2.49, respectively. The bearishness extended through the entire NYMEX curve, as 2020, 2021, 2022, and 2025 calendar strips all reached fresh all-time lows, and the 2023 and 2024 calendar stirps are only pennies away from their record lows. ERCOT stole the power market spotlight yesterday, setting a new all-time peak demand record at 74,616 MWs. Real-time prices in the 15-min market across TX responded as such, surpassing $6,500 in the afternoon. Similar weather and load conditions are expected for today, as ERCOT is forecasting to set another all-time peak demand record.

Market Update081319

Market Settles 08122019

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