Daily Market Update September 11, 2019
Early Morning Update
The Oct19 natural gas contract is trading down $0.04 at $2.54. The Oct19 crude oil contract is up $0.60 at $58.00.
Summary
The NYMEX natural gas prompt month contract shed less than a penny yesterday, opening at the trading day at $2.585/MMBtu and closing at $2.580/MMBtu. Demand from power burn is surging for this time of year, as a heat wave engulfs much of the East Coast, Midwest, and Texas. Demand from the power burn sector breached the 40.0 Bcf/day mark yesterday, and is projected to reach 40.0 Bcf/day again today. All the while, production has remained strong. Though the month of September is still young, natural gas production has been 90.6 Bcf/day for the month-to-date average so far. Looking ahead, tomorrow’s EIA storage report is expected to report an injection higher than both last year and the 5-year average.
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