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Daily Market Update September 13, 2019

Early Morning Update

The Oct19 natural gas contract is flat at $2.57.  The Oct19 crude oil contract is up $0.44 at $55.53.

 

Summary

A relatively quiet day yesterday as the EIA released its weekly storage report.  The report showed a build into storage of 78 Bcf, slightly below expectations but not low enough to cause alarm in the market.  At the end of the day, the NYMEX prompt month contract finished higher by $.022 to close the day at $2.574.  Weather forecasts are also starting to moderate, especially from the heat we saw earlier this week.  Forecasts had initially shown high temps extending through the end of the month but recent revisions show more normal temps in the last week of the month.  The concern and focus of the market now is turning towards winter, and we anticipate winter weather forecasts being released in about a month.  Storage is certainly in better shape than last winter but the market will still react if forecast initially show colder than average temperatures, especially in the northeast.

 

Market Update091319

Market Settles 091219

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