View Archived Market Commentary:
- The NYMEX has experienced substantial bearishness this past month. Sep 29th was the first day that Nov-14 traded as the prompt month and since then it has fallen an impressive 53.1 cents (or 12.8%). The 12 month average has fallen 41.3 cents (or 10.2%) in this same time frame.
- An injection of 94 BCF into storage came up a little shy of expectations and the market initially reacted bullishly, but this quickly reversed and the day closed down a few pennies on both the prompt month and 12 month average.
- Forecasts continue to predict a warm November. The fact that winter seems to be waiting its turn has allowed traders to grow more confident in natural gas inventories.
- While the NYMEX continues to fall, electricity prices have been much flatter. Most of the PJM markets tracked in the table below have shed less than a penny. The PA/MD mar-ket was the exception, dropping almost 3 cents. New York once again did its own thing shedding over 11 cents.
The comments made above regarding the NYMEX futures market are the sole opinion of the author, not necessarily the opinions of Interstate Gas Supply, its officers or its employees. Information provided in this “Market Update” is for illustration purposes only, and neither the author nor Interstate Gas Supply shall be liable for any information contained herein.
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