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.
Summary
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.
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