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Daily Market Update October 31, 2019

Early Morning Update

The Dec19 natural gas contract is trading up $0.03 at $2.72.  The Dec19 crude oil contract is down $0.76 at $54.30.

  

Summary

No treats, only tricks, on this Halloween day, as the majority of the country is plagued by winter-like weather conditions. Due to the cold that's blanketing most of the West, the Midcon, and the East, NYMEX pricing has continued its upward ascent. In its debut as the prompt month, the Dec19 NYMEX natural gas contract settled at $2.691/MMBtu yesterday, which is more than a nickel higher than the previous day. Similarly, the remainder of the Dec'19-Mar'20 winter strip climbed six cents from the day prior. These chilly temperatures can’t help but haunt the NYMEX market. Forecasts are showing the below-average temperatures sticking around in the Midcon and East over the next 15 days, while the West should experience a warm-up in the 6-15 day forecast. The EIA will release their storage report later on today, with market expectations projecting a build similar to last week in the upper 80's. With the increase in heating demand coming into play, will we reach this lofty build, or will the market receive another trick on this Halloween day? Stay tuned to find out.

Market Update103119

Market Settles 103019

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