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Daily Market Update November 22, 2019

Early Morning Update

The Dec19 natural gas contract is trading up $0.05 at $2.62.  The Dec19 crude oil contract is up $0.06 at $58.64.

  

Summary

A quiet day on the NYMEX as the prompt month contract ended the day nearly flat, up only $.008 to close at $2.567.  The big news of the day was that the EIA reported the first draw of the season from storage, of 94 Bcf, slightly larger than expected.  The market bounced around a bit but failed to find any direction and ended the day quietly. 

The power markets were also quiet, seeing little movement in the forward markets, with the exception of California, which continued its march higher. 

Weather forecasts are trending milder, which is also helping keep prices in check ahead of peak heating season.  Milder weather forecasts are also leading to smaller withdrawal estimates.  The next 3 estimates call for draws of –22, -29 and –60.  These draws are all smaller than last year and the 5-year average.  The longer we can keep up these smaller draws, the better storage will be as we head into Jan/Feb

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