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Daily Market Update August 22, 2019

Early Morning Update

The Sep19 natural gas contract is trading flat to yesterday’s close at $2.17.  The Oct19 crude oil contract is up $0.62 at $56.30.

 

Summary

The NYMEX natural gas prompt month contract weakened yesterday, closing out at $2.170/MMBtu, a 4.8 cent decrease from the previous day. Future calendar strips all remained flat with the exception of Cal '20, which dropped a penny. Weather forecasts continue to show a reprieve from the heat for most of the central U.S., with only the West continuing to show above-normal temperatures over the next 20 days. This comes as a relief for those in the South, who have been feeling the effects of the recent heat wave that has passed through Texas, resulting in record-setting demand and, thus, very volatile pricing in the index power markets. The cooler weather forecast could help improve storage injections, as well, as the past few injections have been lower than anticipated. Later this morning, the market will find out whether the storage injection for the week to Aug. 16 will meet their expectations of 58 Bcf, which is greater than both last year and the 5-year average.

Market Update082219

Market Settles 082119

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