Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update October 23, 2019

Early Morning Update

The Nov19 natural gas contract is trading up $0.03 at $2.30.  The Dec19 crude oil contract is down $0.63 at $53.85.

  

Summary

The NYMEX natural gas prompt month contract gained 3.4 cents yesterday, settling at $2.272/MMBtu on the heels of colder weather outlooks. Heating demand for the ResComm sector has been lagging for the month of October 2019 vs. October 2018 by about 3.0 Bcf/day, but is expected to pick up over the next two weeks with the onset of colder temperatures. Power burn has remained relatively strong and is averaging 0.5 Bcf/day higher for the month of October vs. last year. Natural gas production reached a new record on Oct. 21 at 92.2 Bcf/day. Looking ahead, tomorrow’s storage report by the U.S. Energy Information Administration is expected to show an injection higher than both last year and the 5-year average, which would continue building on the surplus to the 5YA. After lagging the 5YA for quite some time, the deficit reverted to a surplus just last week, and should continue to grow as we head into winter.

Market Update102319

Market Settles 102219

34.238.192.150