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Daily Market Update October 13, 2020

Early Morning Update

The Nov20 natural gas contract is trading down $0.08 at $2.80. The Nov20 crude oil contract is up $0.57 at $40.00.


Since Hurricane Delta's landfall and destructive winds have mostly passed, rapid analysis of repairs have been made. What initially scared the market was an exact repeat of Hurricane Laura, which shut in much of the production in the gulf, but also destroyed the electric infrastructure that powered one of two of the largest American LNG export facilities. This time is different, though. Cameron and Sabine pass, while still building back up slowly, do not appear to have catastrophic damages and look to be returning back to full capacity fairly quickly. Quickly rising LNG feedgas demand, coupled with curtailed offshore production from the storm, helped push the prompt month natural gas contract up 14 cents on Monday, settling at $2.88.MMBtu. As we look to the future, there is more of a concern now as we look at the winter and how that will affect natural gas supply and demand. Preliminary winter weather forecasts are starting to be released, and Direct Energy will be releasing our report in a webinar this Thursday, October 15th. If you are interested, please register for the event.


Market Update 10 13 2020

Market Settles 10 12 2020


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