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Daily Market Update September 30, 2019

Early Morning Update

The Nov19 natural gas contract is trading down $0.05 at $2.35.  The Nov19 crude oil contract is down $0.71 at $55.20.

  

Summary

The price of natural gas for delivery in November continued its slide on Friday, falling another 3.9 cents to close out the week at $2.404/MMBtu. Mild weather outlooks and a very large storage injection reported by the U.S. Energy Information Administration were mostly to blame, with warmer-than-normal temperatures forecast for most of the U.S. in the National Weather Service’s 8-14 day outlook. For the week to Sep. 20, the EIA reported that natural gas storage facilities increased their holdings by 102 Bcf, beating out market expectations, as well as historical averages. As milder temperatures settle across the country, the amount of gas needed for electric generation has been declining, with power burn projected at 33.2 Bcf/d today, down almost 3.0 Bcf/d from the average seen so far this month. To add to the bearishness of the market, U.S. dry production reached a fresh all-time high of 91.9 Bcf/d on Sunday, with most of the increase coming from higher output from the Permian Basin, as well as the Northeast, which also set a new record high of 33.1 Bcf/d.

Market Update093019

Market Settles 092719
 

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