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Daily Market Update September 25, 2019

Early Morning Update

The Oct19 natural gas contract is trading down $0.04 at $2.46.  The Nov19 crude oil contract is down $1.54 at $55.75.

 

Summary

NYMEX moved down throughout the strip during yesterday’s trading session, as the October prompt month contract lost 2.4 cents to close at $2.503/MMBtu, and the twelve month strip lost just over a penny to close at $2.518/MMBtu. This marks six days in a row for the prompt month losing ground after its recent peak last Monday. The momentum fizzled out beyond the near term, as calendar strips 2020 through 2023 all moved down under a penny and remain within ~10 cents of their low points. The further out calendar strips of 2024 through 2026 showed more significant movement, as they fell over a penny, with 2026 moving the most as it lost just under two cents. The U.S. Energy Information Administration’s natural gas storage report tomorrow is expected to show a build of 90 Bcf, which would be significantly larger than last year’s build of 39 Bcf and 16 Bcf larger than the 5-year average.

 

Market Update092519

Market Settles 092419

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