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October 25, 2024 – Market Update
Happy Friday After the big rally yesterday, the market is taking a breather. It is slightly down on the day in quiet trading. The November contract will expire next week so the December contract is considered to be the front Month now. As of 1pm, the NYMEX December front month was down 2 cents to…
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October 24, 2024 – Market Update
Happy Storage Day Today was interesting. The EIA reported an injection of +80bcf for the week ending Oct 18th, which was quite a bit more than the expected build of +56bcf. Moreover, this was the first time in a long time that the actual injection was more than the 5-year average for that week. The…
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October 23, 2024 – Market Update
Quiet day today as the NYMEX futures slowly drifted higher. The November front month contract was up 4.5 cents to $2.36 USD/mm. The winter strip was up 2 cents to $2.87. The next summer 2025 strip was up 1 cent to $3.06. Next summer seems to have found some support at $3 level. The weather…
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October 22, 2024 – Market Update
Today, the November front month contract opened at $2.36 USD/mm and closed at $2.30, flat on the day. However, the December contract was up 8 cents to $2.89. The 2025 Summer strip and 2025-2026 Winter strip also had an upward bias and closed up five cents on the day. Perhaps that support will hold. We…
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October 21, 2024 – Market Update
Happy Monday Beautiful weather here in Toronto this week, and it looks like the warm weather will continue. The NOAA 8-14 Day Outlook is showing lots of red. Cooling demand is down as current temperatures are above average for this time of the year, but supply is also down. According to LSEG, production in the…
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October 18, 2024 – Market Update
Another Sell Off NYMEX November front month contract sold off again today. As of 1:00 PM, prices are down 7 cents to $2.27 US/mm. The winter 24-25 strip is down 5 cents to $2.77. The winter 25-26 strip is down 5 cents to $3.69. Both winters are now below the September lows. However, next summer…
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October 17, 2024 – Market Update
Happy Storage Day The EIA reported that for the week ending October, +76 bcf of natural gas was injected into storage. Expectations were for a +77 to +78 bcf build, so this report was in-line. The NYMEX November front month contract initially rallied this morning, but then sold off. Last trade was $2.35 US/mm, down 2…
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October 16, 2024 – Market Update
Another day, another sell off. The NYMEX November front month contract sold off 12 cents to $2.39 USD/mm. We have reached prices that haven’t been seen in the November contract since 2020. The December contract also broke to new local lows and was down 9 cents to $2.85. Chart from TradingView: The winter strip was…
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October 15, 2024 – Market Update
Happy Tuesday Hope you had lots of good family time over the Thanksgiving weekend. The US market was open yesterday and natural gas on the NYMEX sold off hard. November front month contract sold off 14 cents to $2.49 US/mm. The contract settled near the August and September contract lows. However, the contract bounced back…
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October 10, 2024 – Market Update
Happy Storage Day The EIA reported an injection of +82 bcf, well above the +71 bcf expected. Storage is 176 bcf, or 5%, above the five year average. The NYMEX November front month contract sold off, as you would expect, but found some support over the day and ended up 3 cents at $2.69 USD/mm.…
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October 9, 2024 – Market Update
Hurricane Milton Update: Milton is forecast to make landfall just south of Sarasota as a Category 3 hurricane sometime overnight and to cause heavy damage from wind, rain, flooding, storm surge, and possibly tornadoes. There is no good news here. NYMEX November front month contract eased off 9 cents to $2.63 US/mm. The winter strip…
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October 8, 2024 – Market Update
Looks like Hurricane Milton is going to really hit Florida hard. As of 10am today, landfall is projected to be just south of Tampa on Wednesday night, but this can change. I want to recognize here that this will have an enormous impact on the lives of people living in this area. I did rescue…