Daily Market Update September 17, 2020
Early Morning Update
The Oct20 natural gas contract is trading down $0.08 at $2.19. The Oct20 crude oil contract is down $0.26 at $39.90.
Summary
The October NYMEX natural gas contract saw a relatively large sell off yesterday, losing almost a dime and closing out the day at $2.267/MMBtu. The balance of the year lost a nickel, on average, and Cal '21 also lost two cents. Beyond that, the movement fizzled out, with calendar strips for 2022 and beyond all moving one penny or less. Eyes continue to be on Sally, despite her weakening to a tropical depression. She continues to work her way up through central Georgia today and into the Carolinas tonight, bringing heavy rainfall as she moves northeast. Utility crews in the South, especially in the hard-hit areas of Alabama and the Florida panhandle, will be very busy trying to safely restore power to the hundreds of thousands of customers who were left in the dark from Sally's destruction. Switching gears, market participants will be on the lookout later this morning for the weekly natural gas storage report released by the U.S. Energy Information Administration. Estimates for the week ending September 11th are in the ballpark of 75 Bcf, which is right in line with the 5-year average benchmark.
Loading please wait...