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Daily Market Update October 30, 2019

Early Morning Update

The Dec19 natural gas contract is trading up $0.04 at $2.68.  The Dec19 crude oil contract is down $0.09 at $55.45.



As the market and traders prepare for the first winter cold front to reach the eastern United States, the Nov19 NYMEX natural gas contract continued to soar higher yesterday, expiring at $2.597 on its last day of trading, rising more than 15 cents in the process. The Dec19 contract, making its debut as the prompt month today, opened naturally higher at $2.64. Despite lingering bearish production and storage fundamentals likely forming injections into November, near-term weather outlooks took a bullish turn over the weekend and sent the winter strip soaring. The entire winter strip has gained nearly 20 cents since Friday, settling at $2.64 yesterday. Snowflakes appeared in Chicago today, and the below-average temperatures are expected to traverse eastward by the weekend. Philadelphia, expects a high of 73 degrees tomorrow, but moves to a high of only 53 on Saturday.

Market Update103019

Market Settles 102919

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