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Daily Market Update October 7, 2019

Early Morning Update

The Nov19 natural gas contract is trading down $0.03 at $2.32.  The Nov19 crude oil contract is up $0.69 at $53.50.

 

Summary

On Friday, the November 2019 NYMEX natural gas futures price switched directions compared to the previous days trend, and rose 2.3 cents on the day to settle at $2.352/MMBtu. As the focus has switched to winter, we could potentially see this upward trend continue, as we await preliminary winter weather forecasts. Direct Energy will send out its preliminary winter forecast on October 15th. After last week’s unseasonably warm temperatures for Texas and the Northeast, forecasts have moderated slightly. However, these forecasts still show warmer-than-normal temperatures for the Eastern Seaboard, and cooler-than-normal temps remaining for the rest of the country. On Friday, news was released regarding the Atlantic Coast gas pipeline, as the U.S. Supreme Court agreed to review the Fourth Circuit’s invalidation of the U.S. Forest Service’s authorization, with the pipeline’s developers claiming this issue could slow the energy infrastructure development along the East Coast. U.S. dry production is averaging just under 91.0 Bcf/d so far this month, with a slight dip to levels at the end of last week.

Market Update100719

Market Settles 100419

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