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Energies Futures Prices

Tue, Nov 12th, 2019
[[ timeframe ]] futures price quotes as of Tue, Nov 12th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.
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Futures Market News and Commentary

Natural Gas Prices Settle at a 1-Week Low on Forecasts for U.S. Temps to Return to Normal

Dec Nymex natural gas (NGZ19) on Monday closed down by -0.1527 (-5.45%).

Dec nat-gas prices gapped lower on Monday and plunged to a 1-week low on forecasts for warmer temperatures to return to the U.S. by the end of this month after the recent cold spell. Commodity Weather Group LLC on Monday forecast normal temperatures will return to the eastern half of the U.S. during Nov 21-25.

High U.S. nat-gas production continues to be a bearish factor with lower-48 nat-gas production Monday up +9.5% y/y at 94.6767 bcf/d. Strong U.S. nat-gas output has caused U.S. nat-gas inventories to rise sharply in recent months to the current level of +16.2% y/y from -22.3% y/y last March.

Last Thursday's weekly EIA report of +34 bcf pushed nat-gas inventories up to a 23-month high of 3,729 bcf in the week of Nov 1. Inventories are up +16.2% y/y and are +0.8% above the 5-year average.

Energy Complex Closes Lower on Trade Concerns and Reduced Prospects for OPEC+ Production Cut

Dec WTI crude oil (CLZ19) on Monday closed down by -0.38 (-0.66%), Jan Brent crude oil (CBF20) closed down by -0.33 (-0.53%), and Dec RBOB gasoline (RBZ19) closed down by -0.238 (-1.46%).

The energy complex moved lower Monday on lingering trade war concerns and on reduced prospects for OPEC+ to further cut crude production levels.

Trade optimism diminished over the weekend after President Trump on Saturday said that reports about how much the U.S. was ready to roll back tariffs on China were "incorrect."

Crude prices were also weighed down by comments on Monday from Oman Oil Minister Mohammed Al Rumhy who said that OPEC and its partners are unlikely to announce deeper crude production cuts when they meet next month in Vienna.

Weaker-than-expected global economic data was also bearish for energy demand after Monday's data showed China Oct new yuan loans rose by 661.3 billion yuan, weaker than expectations of 800 billion yuan, and the smallest rise in 1-3/4... Read more

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