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Daily Market Update October 11, 2021

Early Morning Update

he Nov ‘21 natural gas contract is trading down $0.16 at $5.41.  The Nov ‘21 crude oil contract is up $1.65 at $81.00.

Summary

s we start a new week, a familiar weather pattern is setting up for the next week with the West Coast seeing significantly below-normal temperatures, while the country east of the Rockies will see temperatures more like late summer than early winter. Cities like Pittsburgh, Washington, and Boston will warm into the mid-70s, compared to normal highs in the mid-60s. Shoulder month temperatures like these are creating little cooling or heating demand – a bearish factor in a market otherwise full of volatility and bullish sentiment.These above-normal temperatures helped influence a stronger-than-expected injection of 118 Bcf last week, which represented the highest injection this year, edging out the previous high build of 115 Bcf set in May.There is potential for four to five more injections before switching over to withdrawals during the first half of November.The end-of-summer storage estimate has nudged higher to 3.6 Tcf from 3.5 Tcf over the past month, but despite this positive storage news, the market remains concerned about lagging production (89 Bcf/d), supply/demand imbalance, and the potential for a colder-than-normal winter.

 

Market Update 10 11 2021

Market Settles 10 08 2021

 

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