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Daily Market Update September 27, 2019

Early Morning Update

The Nov19 natural gas contract is trading down $0.05 at $2.39.  The Nov19 crude oil contract is down $0.86 at $55.55.

   

Summary

On the heels of a very bearish storage report, the October NYMEX natural gas contract ultimately settled at $2.428/MMBtu, down 7.4 cents on the day, in its last session of its trading life. November rolls into the prompt month spot today, and it too dropped significantly yesterday, down 7.5 cents and settling at $2.443. The 2020 calendar strip also fell 2.6 cents, while the 2021-2025 calendar strips saw very little change. The U.S. Energy Information Administration reported the largest September storage build in the last three years, a 102 Bcf injection for the week to Sep. 20, beating out the consensus of market expectations by 10 Bcf. It was also much larger than the 51 Bcf increase seen last year for the corresponding week, as well as the 74 Bcf five-year average. The deficit to the 5YA now stands at 47 Bcf (1.4%), and is expected to evaporate by the time withdrawals begin in a few weeks. Dry production has averaged 90.4 Bcf/d so far this month, up 5.4 Bcf/d from the same time last year, but is projected to remain relatively flat for the next two weeks.

 

Market Update092719

Market Settles 092619

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