Daily Market Update September 26, 2019
Early Morning Update
The Oct19 natural gas contract is flat at $2.50. The Nov19 crude oil contract is down $0.53 at $55.96.
Summary
The prompt month remained flat by the close of yesterday's trading, settling at $2.502 MMBtu. The future calendar strips also echoed a similar sentiment with Cal'20 only shedding a penny and calendar strips beyond 2020 also showing practically no deviation from the prior day's closing. Over the next 10 days the western half of the U.S. is expecting chilly conditions as many states are forecasted to experience temperatures 5 to 8 degrees below their 30 year normal. The East on the other hand can't seem to catch a break as forecasts are showing 5 to 8 degrees above normal over the next 10 days. With the heat lingering in the East keeping cooling demand around, it will be interesting to see if this week's storage report released by the U.S. Energy Information Administration comes in as expected at a steep 90 Bcf.
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