Daily Market Update October 11, 2019
Early Morning Update
The Nov19 natural gas contract is flat at $2.21. The Nov19 crude oil contract is up $0.62 at $54.17.
Summary
Another small slide in pricing as the NYMEX prompt contract fell $.016 to close at $2.218. The EIA released another bearish storage report of 98 Bcf, leaving NG stocks at 3.415 Tcf and within striking distance of a surplus to the 5-year average.
As gas prices tick lower, power prices in many markets are also moving down. Notably, Nepool Cal ‘20 has moved down over $1 in just the past few days.
Weather forecasts continue to show average to above-average temperatures for much of the easy coast for the balance of October, and the lack of cold temps is helping keep index pricing low and delaying a start to heating season. But when we get to heating season, the country will be in better shape than last year as NG storage levels will be much higher.
Also, Direct Energy will be hosting a webinar to review our winter weather forecast on Tuesday, October 15, 2019. Reach out to your Direct Energy representative for more details.
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