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Mike Grimes
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Mike Grimes   My Press Releases

Daily energy report

Published on 12/11/2017
For additional information  Click Here

 

Early Morning Update

The Jan18 natural gas contract is trading up $0.03 at $2.79.  The Jan18 crude contract is up $0.99 at $57.68.

Summary

The EIA reported an unusual December build into storage reported, adding 2 Bcf to stocks for the week ending Dec 1, 2017.  The build wasn’t entirely surprising given the mild start to December weather and very high NG production levels.  The prompt NG contract had been down prior to the report and continued it’s downward trend, ending the down at $2.763, $.159 lower on the day.  It is somewhat surprising to see the market sell-off as much as it has over the past week given that weather forecasts are still calling for some cold temperatures along the east coast.  We have seen a sharp sell-off in futures positions among the Managed Money community and perhaps that’s the reason for the fall in prices as it swings from a long position to nearly flat.  Either way, the decline in prices has been impressive.  The backwardation in the market has evaporated and prices for 2018-2021 are essentially flat, with Cal ’18 and Q1’18 seeing their lowest prices for the year. 

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