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Daily Market Update September 16, 2020

Early Morning Update

The Oct20 natural gas contract is trading down $0.03 at $2.33. The Oct20 crude oil contract is up $0.87 at $39.15.

Summary

Yesterday’s trading session saw relatively little movement outside of the prompt month, with all forward months beyond October moving less than a penny from Monday’s close. The biggest mover, October, gained five cents to close at $2.362/MMBtu, while the Q4 2020 strip gained 1.7 cents, and the 12-month strip inched up just under a penny to close at $2.918. Calendar strips 2021 through 2025 remain backwardated, with 2026 being just a couple tenths of cent higher than 2025, and both trading at $2.46, the lowest calendar strip on the board. Hurricane Sally made landfall in Alabama just before 5 a.m. this morning after intensifying to Category 2 strength. Over 400,000 customers are without power due to the high winds and flooding, but it appears as though there will be minimal impact to the Gulf-based LNG export facilities, unlike with Hurricane Laura just a few weeks ago. About 25% of offshore gas production has been shut in, which is pushing the total production number back below 86 Bcf/d after the strong rebound following Hurricane Laura had it at 88.5 Bcf/d just a week ago. Over the next couple of days, Sally is expected to move northeast across Georgia and the Carolinas.

 

Market Update 09 16 2020

Market Settles 09 15 2020

 

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