November 2018 Energy Update
Key Drivers:

1. Colder updated weather forecast is causing December 2018 NYMEX to surge $.24 early on 11/5 to $3.53/MMBTU.
2. The natural gas storage deficit continues to range from 10% – 24% regionally throughout the United States
3. November 2018 NYMEX settled at $3.185/MMBTU versus November 2017 at $2.752/MMBTU
4. Natural gas production continues to rise,

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Special Edition Energy Update
Important Wholesale Market data you should be aware of:

1. The natural gas wholesale market was trading range bound for the 5 months of May  – Sept. at an average price of $2.88/MMBTU
2. NYMEX by the end of September traded at $3.02/MMBTU.
3. On 10/17/18 the NYMEX prompt month traded at $3.33/MMBTU or up $.45/MMBTU since the end of August.

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October 2018 Energy Update
Key Drivers

1. Storage deficit this late in the injection season
   1. 20% deficit versus year ago levels
   2. 18% deficit versus 5 year average
   3. Current pace of injections could result in lowest level in storage heading into winter since 2003
2. Weather – Cold in western half and hot in the eastern half
   1. Below temperatures in western half of U.S.

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August 2018 Energy Update
Key Drivers

1. Natural gas storage levels are 24% lower than last year and 20% lower than the 5 year average
2. U.S. natural gas production has reached a new high, but rising demand is keeping storage injections low
3. Mild weather in the mid-west is offset by blazing heat in South,

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June 2018 Energy Update
Key Drivers

1. Natural gas NYMEX is up for the third month in a row to $2.95/MMBTU
2. Natural gas prices are up $.25/MMBTU in the past 30 days
3. Supply/Demand balance week ending May 31: Supply of 85.7 bcf/day – demand 72 bcf/day = 13.7 bcf/day injected into storage
4. Hot weather will increase power demand of natural gas
5. Key question: Will the storage deficit be gone before winter if demand continues to increase faster than new supply?

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May 2018 Energy Update
Key Drivers

1. After an extended winter, natural gas storage in the U.S. ended up with a 527 bcf deficit
2. Current storage is 35% lower than last year and 22% lower than the 5 year average
3. To make up the deficit an extra 5.5 bcf/year will need to be injected
4. over the 29 weeks
5. Natural gas production in the U.S.

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