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Daily Market Update October 15, 2020

Early Morning Update

The Nov20 natural gas contract is trading up $0.15 at $2.79. The Nov20 crude oil contract is down $1.34 at $39.70

Summary

On the heels of revised weather forecasts, the November natural gas contract saw a huge sell off of almost 22 cents yesterday, settling at $2.636/MMBtu. The prompt month was, by far, the largest mover of the bunch, with Dec '20 losing a nickel, and Q1 '21 losing four cents, on average. Beyond that, future calendar strips '21-'23 remained practically flat, and '24-'25 gained just under three cents apiece. The largest weather revisions were made to the 6-10 day forecast, where much warmer conditions are expected along the entire East Coast and Northeast, which should help decrease the need for natural gas heating demand. Additionally, the colder-than-normal conditions expected over the Midcontinent in the 11-15 day forecast also weakened, further leading to a more bearish revision. All eyes have been on the weather lately, as vendors start to release their winter weather outlooks. Direct Energy will be releasing our full winter outlook during a live webinar later on today at 2 pm EDT. We would love for you to join us. Click here to register.

 

Market Update 10 15 2020

Market Settles 10 14 2020

 

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