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Daily Market Update November 21, 2019

Early Morning Update

The Dec19 natural gas contract is trading down $0.02 at $2.54.  The Dec19 crude oil contract is up $0.32 at $57.33.

  

Summary

The NYMEX natural gas prompt month contract settled at $2.559/MMBtu yesterday, increasing almost a nickel from the previous trading day. Very little movement was felt throughout the remainder of the curve though, as calendar strips '20-'25 all moved less than a penny. Due to natural gas production and demand continuing to move in lock-step, along with having a large storage inventory as we approach winter, most of the movement to the prompt month can be attributed to weather revisions. Updated weather forecasts show an expanding cold front in the West that travels through the mid-con, and into the East, by the 11-15 day outlook. This could very well be the reason for the day-over-day increase to the prompt month. Later on today, the EIA will release their weekly storage report that will reflect the first withdrawal of this season. Market predictions show a 90 Bcf withdrawal to be reported, which is 19 Bcf less than last year, but 58 Bcf greater than the 5 year-average benchmark.

Market Update112119

Market Settles 112019

 

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