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Daily Market Update October 2, 2020

Early Morning Update

The Nov20 natural gas contract is trading down $0.09 at $2.43. The Nov20 crude oil contract is down $1.87 at $36.85.


A strange day on the NYMEX yesterday as the prompt month traded in a wide $.15 range before ultimately settling exactly flat on the day at $2.527. The EIA reported a build into storage of 76 Bcf, which was spot-on with estimates so the storage report didn’t give the market any reasons to move. With that injection, storage is now 14% ahead of last year and 12% above the 5-year average. With the estimates over the next three weeks, the surplus to both benchmarks is forecast to shrink considerably. We’ll still end the injection season around 4 Tcf but the tightening supply/demand balance could mean that we’ll withdraw gas at a faster pace this winter (pending weather).

On the power side, it was also a quiet day yesterday with index prices seeing very low levels, everywhere except California. The left coast is seeing some late heat which is pressuring the grid again and causing some high prices. High temps are forecast for California through the weekend.


Market Update 10 02 2020

Market Settles 10 01 2020


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