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Daily Market Update November 20, 2020

Early Morning Update

The Dec20 natural gas contract is trading up $0.08 at $2.67. The Dec20 crude oil contract is up $0.24 at $41.98.

Summary

Once again, there has been further downward market movement. This time the market saw the NYMEX prompt month fall a total of $0.115/MMBtu and pushes the nearer term forward market down nearly as much. The NYMEX Q1 for calendar strip '21 is now trading under the 9th percentile, and only is $0.27/MMBtu from the bottom of a multi-year range. As a result, the entire year has fallen to the 34th percentile, and lends a great opportunity for a late hedge on 2021 gas. Further volatility and bearish market speculation has occurred due to the wide spread between yesterday's EIA Storage Report; They reported a 31Bcf injection, coming in 8Bcf above market estimates. All this has reflected across many of the eastern markets as their correlation with natural gas prices have created the best prices ever seen for the year '21 across nearly all of the markets. Now would be a great buying opportunity for your business if you still have not hedged your gas or electric cost for calendar 2021.

 

Market Update 11 20 20

Market Settles 11 19 20

 

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