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Energy News and Market Information for the week of 11/23/2015


Market News

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Data Highlights

 

WTI crude oil futures

11/23/2015: $41.75/bbl
up$0.01 from week earlier
down$34.76 from year earlier

Natural gas futures

11/23/2015: $2.210/mmBtu
down$0.175 from week earlier
down$2.056 from year earlier

Retail gasoline price

11/23/2015: $2.094/gal
down$0.084 from week earlier
down$0.727 from year earlier

Retail diesel price

11/23/2015: $2.445/gal
down$0.037 from week earlier
down$1.183 from year earlier

Weekly coal production

11/14/2015: 16.529 million tons
up0.056 million tons from week earlier
down2.591 million tons from year earlier

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Author: Jason Scarbrough

Natural Gas

Abbreviated market report – Expiry is tomorrow - and the holiday make for a nothing week in the market 

 

 
 


Storage

Natural Gas Inventories currently stand at 4,000 BCF 


 
Working gas in storage was 4,000 Bcf as of Friday, November 13, 2015, according to EIA estimates. This represents a net increase of 15 Bcf from the previous week. Stocks were 404 Bcf higher than last year at this time and 207 Bcf above the five-year average of 3,793 Bcf. At 4,000 Bcf, total working gas is above the five-year historical range.

 

Market Update

The market seems to be developing a pattern this winter that formed last week.   It would seem that there is very little movement throughout the month waiting on old man winter to strike .  at or close to expiry – the market is selling off as no real weather is in the outlook.  This you can clearly see it for the NOV contract and it looks like the DEC contract is about to repeat the move.  Wall Street is definitely not betting on a recovery this winter as of today.  The prompt to next month spread that has been right at 20 cents for the past 2 expiries – i.e. October 0  november +20 cent December +20 cents 

  • Currently the DEC JAN spread is less than 10 cents and the JAN FEB spread is less than 5 cents – FEB MARCH is less than 2 cents
  • Bullish confidence is decaying.
  • In addition .. MACD appears to be going bearish once again 
     

 
The back end of the curve is also selling off note – this move happened within a week 



NOTE – the winter and summer months crashing again as they did at the end of October. (they held out longer this month)