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Daily Market Update November 13, 2019

Early Morning Update

The Dec19 natural gas contract is trading down $0.02 at $2.60.  The Dec19 crude oil contract is down $0.40 at $56.40.

  

Summary

The NYMEX natural gas prompt month contract shed $0.016 yesterday, opening the trading day at $2.637/MMBtu and closing at $2.621/MMBtu. Total natural gas demand peaked at 126.1 Bcf/day yesterday, Nov. 12th, the highest level since early March 2019. Residential/commercial heating demand, as well as power burn, were the largest drivers of total demand yesterday. However, as temperatures are expected to moderate through the rest of the week, demand is expected to soften. Natural gas production remains strong, averaging 92.1 Bcf/day so far for the month of November, a 5.1 Bcf/day increase vs. November 2018.  Looking ahead, tomorrow’s EIA storage report is expected to report one last injection before flipping to withdrawals for the heating season. The end-of-season storage level is estimated to be 3,738 Bcf.

Market Update111319

Market Settles 111219

 

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