Daily Market Update August 27, 2019
Early Morning Update
The Sep19 natural gas contract is trading down $0.01 at $2.19. The Oct19 crude oil contract is up $0.66 at $54.30.
Summary
Higher demand levels yesterday caused the near-term NYMEX natural gas contracts to rise slightly throughout yesterday’s trading activity. Record LNG exports and rising U.S. power burns both provided support to the September NYMEX contract yesterday. The prompt month rose to its highest mark over the last four sessions and settled up over seven cents on the day at $2.225/MMBtu. LNG exports hit nearly 6.8 Bcf/d over the weekend, well on their way to the expected export level of nearly 8 Bcf/d by the end of the year. Power burns increased about 1.5 Bcf/d to 36.6 Bcf/d, contributing to the higher year-over-year average of nearly 41 Bcf/d. The balance of the month contracts all rose more than a nickel each, as well.
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