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Daily Market Update October 08, 2021

Early Morning Update

he Nov ‘21 natural gas contract is flat at $5.67.  The Nov ‘21 crude oil contract is up $0.40 at $78.70.

Summary

nother day of massive volatility with the prompt month trading in a $0.44 range before ending the day nearly flat—up $.002 on the day.  This after a storage report showing a build of 118 Bcf, above the consensus estimate of 114 Bcf.  Estimates for end/season storage have improved recently, with the recent consensus calling for 3.6 Tcf.  That would still be below last year (3,820) and the 5-year average (3,464) but with the mild temps, the storage situation has improved recently.  The forecasted weather pattern still calls for above average temps in the eastern half of the US and below average temps in the west.  This is an ideal weather pattern for low demand, however index prices are still very high considering the low demand.  Prices in PJM were near $80 for today, a testament to high NG prices and high coal prices.  So while demand is low, generator fuel prices are high, keeping power prices higher.Looking ahead, winter outlooks will start to be released over the next couple weeks, hopefully providing some clarity to the winter situation.

 

Market Update 10 08 2021

Market Settles 10 07 2021

 

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