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Daily Market Update October 9, 2020

Early Morning Update

The Nov20 natural gas contract is trading up $0.15 at $2.78. The Nov20 crude oil contract is down $0.19 at $41.00.

Summary

The prompt month ended up trading in a wide range yesterday before ultimately settling up $0.021 to end the day at $2.627/MMBtu. Longer-terms saw little movement, and power markets were pretty quiet. The U.S. Energy Information Administration released its weekly storage report showing a build into storage of 75 Bcf, in line with estimates, but much lower than last year’s build for the corresponding week, as well as the five-year average injection. Estimates for the next three reports are significantly lower than last year and the five-year average (49, 50, 22 Bcf) and reflect the lower supply levels. General concerns heading into winter are lower supply compared to last year and the potential for a colder winter compared to last winter. Direct Energy is hosting a webinar on Thursday, Oct. 15, at 2:00 pm ET to review our forecast for this upcoming winter. Please reach out to your Direct Energy representative for registration info.

 

Market Update 10 09 2020

Market Settles 10 08 2020

 

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