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Daily Market Update November 20, 2019

Early Morning Update

The Dec19 natural gas contract is trading up $0.04 at $2.55.  The Dec19 crude oil contract is up $0.39 at $55.60.



Hinged on near-term weather outlooks, the Dec19 prompt month natural gas contract continued lower during yesterday’s trading session, ultimately settling at $2.51/MMBtu, 5.6 cents lower than Monday. The entire remaining wither strip moved about five cents lower, as well. The National Weather Service made significant revisions to the 6-10 and 8-14 day outlooks, now predicting warmer-than-normal temperatures along the eastern United States for the next two weeks. Despite nearly a triple digit pull expected for the first withdrawal of the season on tomorrows EIA storage report, it’s common for weather to be the driver for near-term price movements this time of year, especially when supply remains strong. U.S. dry domestic natural gas production has hovered around 92 Bcf/day over the last five days. The prompt month has lost a total of 17.8 cents since Friday.

Market Update112019

Market Settles 111919


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