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Daily Market Update August 24, 2020

Early Morning Update

The Sep20 natural gas contract is trading up $0.05 at $2.50.  The Oct20 crude oil contract is up $0.36 at $42.70.


This morning, the country is focused on tropical systems Marco and Laura targeting the gulf coast within days of each other later this week. Marco is projected to make landfall somewhere along the Louisiana border on early Tuesday morning as a Category 1 hurricane. Right behind will come Laura, a likely Category 2 storm when it makes landfall on Wednesday evening on a more western track, targeting anywhere between Houston and New Orleans. These storms have already forced operators in the gulf to secure operations due to the projected high winds, and the market is expecting some production shut-ins as the storms approach. Even with these storms in the gulf, the NYMEX markets had little weekend action, but the markets were active last week, with prices moving higher in the front end of the curve. The prompt month settled above $2.40 for the first time in nine months, and Cal ‘21 reached $2.90 for the first time in 38  months! The Cal ‘21 march toward three dollars has been very strong over the past month, as the uncertainty of COVID-related demand, production output, and a contentious presidential election have all pushed prices higher, in spite of a strong storage outlook with end-of-summer stocks projected to be around 4.0 Tcf.

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