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Daily Market Update November 13, 2020

Early Morning Update

The Dec20 natural gas contract is trading up $0.044 at $3.02. The Dec20 crude oil contract is down $0.53 at $40.59.

Summary

After a quiet morning in the market, the prompt month contract slid throughout the afternoon before finally settling down $.055 to close the day at $2.976. The prompt month seems to have found a range and has been trading near the $3.00 level for most of the week. The market has tried to sustain trading below $3.00 but prices keep trending back towards that level. Weather forecasts show some normal temps in the near-term but then warm up again, with some above average temps now being forecast into the first week of December.

The EIA has delayed its weekly storage report until today due to Veteran Day. The last estimates call for a build into storage in the mid-teens to low 20’s. With current weather forecasts, this looks to be the last injection of the season.

Market Update 11 12 20

Market Settles 11 11 20

 

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