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Daily Market Update November 27, 2019

Early Morning Update

The Jan20 natural gas contract is trading down $0.02 at $2.51.  The Jan20 crude oil contract is down $0.16 at $58.25.

   

Summary

NYMEX natural gas prices continued to fall during the final trading session for December 2019, as it dropped 6.1 cents to settle at $2.47/MMBtu, quite a significant difference from last December, that settled at 4.715! Much of the movement was in the near-term, as the 2020 calendar strip fell 1.5 cents to close at $2.418, while 2021 and 2022 showed little change. The half penny drop out in 2023 and 2024 was enough to push them to new all-time lows at $2.522 and $2.573, respectively. In debuting as the prompt month, January rolls into the top spot today, settling at $2.533 on Tuesday. The U.S. Energy Information Administration’s Weekly Natural Gas Storage Report will be released today due to the holiday tomorrow and is expected to show a withdrawal of 22 Bcf. This would be much less than last year’s pull of 70 Bcf, as well as the 5-year average of -57 Bcf. Direct Energy’s Gas Desk will close one hour early today at 2:30PM EST, and remained closed until Monday, December 2 at 8:30AM EST. Our offices will also be closed tomorrow and Friday. Direct Energy wishes everyone a safe and enjoyable Thanksgiving holiday!

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