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Daily Market Update October 22, 2019

Early Morning Update

The Nov19 natural gas contract is trading up $0.04 at $2.28.  The Nov19 crude oil contract is up $0.79 at $54.10.

  

Summary

Prices for near-term NYMEX natural gas contracts continued to weaken yesterday amid record supply levels and very healthy storage. Day-over-day, the November contract slid a little over eight cents, settling at $2.238/MMBtu. This current price is about six cents above the low set in early August. The Dec19-Feb20 winter strip fell in parallel to the prompt contract, settling near $2.50. Comparatively, this winter strip was 30 cents more expensive in mid-September, and nearly 60 cents higher at the end of February. Looking past the upcoming winter, calendar strip pricing for 2020 and 2021 has decreased slightly day-over-day, both hovering around $2.40. The trading range for these two strips seems to have shifted from $2.60-$2.80 to $2.40-$2.60. Mild weather on the East Coast is expected to further boost current storage levels that recently surpassed the five-year average, hindering any bullish price response over the next two weeks.

Market Update102219

Market Settles 102119

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