Prompt Natural Gas

(NG) Daily Sentiment

RESISTANCE

2.98 & 3.03

SUPPORT

2.91 & 2.88

1 2 M O N T H C A N D L E S T I C K ( W E E K L Y )

Court orders new environmental review for Sabal Trail Pipeline — The Atlanta Journal Constitution reports: A federal appeals court on Tuesday ordered a second environmental review of a network of natural gas pipelines being built across Alabama, Florida and Georgia, saying federal regulators had not included enough infor-

I N T H E N E W S Prior Day’s NYMEX

Sep-17 Contract (CT)

© 2017 Mansfield Energy Corp. All rights reserved.

Trading Summary NYMEX NG Futures

NEUTRAL

• Court orders new environmental review for Sabal Trail

Pipeline

• U.S. natural gas futures slip on cooler weather outlook

mation about potential greenhouse gas emissions that will result from burning the gas the pipelines will carry. The $3 billion pro-ject is already operational after being authorized by the Federal Energy Regulatory Commission in February 2016. It is anchored by the nearly 500-mile Sabal Trail Pipeline, which cuts across southwest Georgia on its way from Alabama to Osceola County, Florida, just south of Orlando. In a 2-1 ruling, a three-judge panel of the U.S. Court of Appeals for the District of Columbia ordered a new environmental review of the project but said the commission had otherwise acted properly. For more visit ajc.com or click the following link http://on-ajc.com/2vccf0M U.S. natural gas futures slip on cooler weather outlook – The Times of India reports: U.S. natural gas futures edged lower on Tuesday on forecasts for cooler weather over the next two weeks, seen as limiting demand from the power sector. According to a U.S. weather model, temperatures were expected to be cooler than normal until early September. That was seen as bringing down air-conditioning demand. Analysts have said utilities proba-bly would stockpile just 1.7 trillion cubic feet of gas during the April-October injection season. Relatively low output, rising sales abroad and higher-than-average cooling demand earlier this sum-mer are limiting the quantities of gas going into storage. For more on this story visit timesofindia.com or click the following link http://bit.ly/2ww4g34

Contact Us

Mansfield Energy Corp

1025 Airport Pkwy

Gainesville, GA 30501

www.mansfield.energy

info@mansfieldoil.com

Phone: (800) 695-6626

A U G U S T 2 3 , 2 0 1 7

2.88

2.90

2.92

2.94

2.96

2.98

3.00

3.02

8:0

0

8:4

5

9:3

0

10

:15

11

:00

11

:45

12

:30

13

:15

14

:00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

3.25

3.50

3.75

4.00

4.25

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

De

c-1

6

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

NATURAL GAS

Futures Close Change

NG 2.939 (0.023)

Volume 430,430 (404,290)

Open Int. 1,316,315 (6,259)

CRUDE AND GASOLINE

Futures Close Change

Crude 47.64 0.27

RBOB 1.5908 0.0067

Crude/NG 16.21 0.22

METALS

Futures Close Change

Gold 1,285.10

EQUITIES

Exchange Close Change

DOW 21,899.89 196.14

S&P 500 2,294.62 (133.75)

CURRENCY

Currency Close Change

EUR/USD

USD/CND 1.2578 0.0014

Month Close Change

Sep-17 2.939 (0.023)

Oct-17 2.968 (0.024)

Nov-17 3.037 (0.023)

Dec-17 3.177 (0.021)

Jan-18 3.273 (0.020)

Feb-18 3.267 (0.020)

Mar-18 3.231 (0.018)

Apr-18 2.903 (0.003)

May-18 2.868 (0.002)

Jun-18 2.892 (0.002)

Jul-18 2.917 (0.002)

Aug-18 2.920 (0.002)

Sep-18 2.896 (0.002)

Oct-18 2.914 (0.002)

Nov-18 2.961 (0.002)

Dec-18 3.087 (0.004)

Jan-19 3.169 (0.006)

Feb-19 3.145 (0.006)

Mar-19 3.079 (0.005)

Apr-19 2.712 (0.010)

May-19 2.679 (0.011)

Jun-19 2.700 (0.012)

Jul-19 2.722 (0.012)

Aug-19 2.727 (0.014)

1YR Strip 3.033 (0.013)

2017 3.030 (0.023)

5YR Strip 2.853 (0.010)

Trade Date: Aug-22-2017

Flow Date(s): Aug-23-2017

2.690.11 2.97

0.01

2.68 2.88 2.950.14 0.05 0.06

2.820.01 3.00

(0.07)

1.782.73 2.94 2.91 (0.02)

0.04 0.05 0.09 2.462.74 (0.69)

0.17

0.002.64 0.00

0.08

3.360.07 2.74 1.81

3.24 0.13 2.97 (0.04)

0.17 0.05

2.900.14

2.81 2.880.10 0.05 2.94

0.05

2.74 2.960.14 0.10

2.992.86 0.05

0.01 2.993.01 0.06

0.03

NYMEX

2.939(0.023)

ID PRICE CHANGE ID PRICE CHANGE ID PRICE CHANGE

1 2.69 0.11 61 11 2.73 0.04 31 21 2.91 0.09 762 2.82 0.01 63 12 2.64 0.08 32 22 1.78 (0.02) 773 3.36 0.07 64 13 2.74 0.14 21 23 3.01 0.03 114 3.24 0.17 92 14 2.86 0.01 25 24 2.99 0.06 165 2.90 0.14 91 15 2.96 0.10 24 25 2.94 0.05 136 2.81 0.10 22 16 2.88 0.05 23 26 2.99 0.05 127 2.74 0.13 41 17 2.97 0.05 15 27 1.81 (0.04) 818 2.74 0.17 51 18 2.94 0.05 72 28 0.00 0.00 829 2.68 0.14 52 19 2.95 0.06 73 29 2.46 (0.69) 83

10 2.88 0.05 33 20 2.97 0.01 71 30 3.00 (0.07) 74

DAILY INDEX DAILY INDEX DAILY INDEX

Stanfield NGPL-Midcont Pool REX E-ANR

Malin Panhandle Leidy-Transco

PG&E - Citygate EP-Permian Henry

Socal-Citygate TGP-Z0 Transco-85

SoCal Border Houston Ship Channel Sonat-Z0 South

Waha NGPL-TXOK FGT-Z3

EP-SJ Blanco Pool TETCO-M1 30 Dominion-South

Ventura Iroquois (into) Iroquois-Z2

Opal Plant Tailgate Chicago Citygates Transco-Z6 (non-NY)

NWP-Wyoming Michcon Transco-Z6 (NY)

P H Y S I C A L S P O T N A T U R A L G A S P R I C E M A P

Page 2 © 2017 Mansfield Energy Corp. All rights reserved.

A U G U S T 2 3 , 2 0 1 7

N A T U R A L G A S N E W S

DISCLAIMER: The con-

tent herein is privileged

and confidential. Con-

tent is presented for

informational purposes

and is a reflection of

the market opinions of

its authors subject to

change without notice.

Content is derived from

sources believed to be

accurate at the time of

release but carries no

guarantee of accuracy

or completeness.

Mansfield Energy Corp

and its clients may or

may not take positions

similar or opposite

those discussed herein.

The reader should real-

ize that the trading of

commodities involves

risk, and the reader

assumes all responsi-

bility for the risk of

financial losses.

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Waha Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

N A T U R A L G A S B A S I S F U T U R E S , H E N R Y H U B S P O T P R I C E S , A N D F O R W A R D C U R V E

Page 3 © 2017 Mansfield Energy Corp. All rights reserved.

A U G U S T 2 3 , 2 0 1 7

CME NG Option Prices

ATM Call

CME NG Option Prices

ATM Put

N A T U R A L G A S N E W S

Month Strike Close Imp Vol

Sep-17 2.900 0.069 45.0

Oct-17 2.950 0.119 33.7

Nov-17 3.000 0.178 33.7

Dec-17 3.150 0.228 34.7

Jan-18 3.250 0.293 38.4

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Month Strike Close Imp Vol

Sep-17 2.900 0.024 22.5

Oct-17 2.950 0.098 26.2

Nov-17 3.000 0.140 29.0

Dec-17 3.150 0.204 31.9

Jan-18 3.250 0.272 35.6

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

2.25

2.45

2.65

2.85

3.05

3.25

3.45

1 3 5 7 9

11

13

15

17

19

21

23

25

27

29

31

Henry Hub Daily Spot Price

AUG 2017 JUL 2017 JUN 2017

1.75

2.25

2.75

3.25

3.75

4.25

9/1/

2017

2/1/

2018

7/1/

2018

12/1

/201

8

5/1/

2019

10/1

/201

9

3/1/

2020

8/1/

2020

1/1/

2021

6/1/

2021

11/1

/202

1

4/1/

2022

9/1/

2022

2/1/

2023

7/1/

2023

12/1

/202

3

5/1/

2024

10/1

/202

4

3/1/

2025

8/1/

2025

1/1/

2026

NYMEX Natural Gas Forward Curve

8/22/2017 8/15/2017 7/24/2017

-2.000

-1.000

0.000

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Sumas Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

-0.3

-0.25

-0.2

-0.15

-0.1

-0.05

0

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Michcon Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Transco Zone 6 Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

-0.600

-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Socal Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

-0.07

-0.06

-0.05

-0.04

-0.03

-0.02

-0.01

0

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Transco Zone 4 Basis (platts Iferc)

8/22/2017 8/15/2017 7/24/2017

W E E K L Y G A S I N U N D E R G R O U N D S T O R A G E W I T H 5 - Y R R A N G E

Page 4 © 2017 Mansfield Energy Corp. All rights reserved.

Release Date: Aug 17, 2017

A U G U S T 2 3 , 2 0 1 7

N A T U R A L G A S N E W S

EIA Storage History for

34th Week of Year

(Due to Report Aug 24)

Year Week Ending BCF

2013 Aug 23, 2013 +68

2014 Aug 22, 2014 +76

2015 Aug 21, 2015 +67

2016 Aug 19, 2016 +11

ESTIMATE — +TBD

Rig Count

Report Date:

Total Change

US - 946 (3)

CN - 214 (6)

August 18, 2017

T R O P I C A L S T O R M A C T I V I T Y — A T L A N T I C

For the North Atlantic...Caribbean Sea and the Gulf of Mexico:

1. Showers and thunderstorms have increased this morning in association with the remnants of

Harvey. Gradual development of this system is possible, and it could become a tropical cyclone

once again as it moves west-northwestward across the central and northwestern Caribbean Sea

during the next couple of days. Interests in northern Nicaragua, Honduras, Belize, and the Yucatan

peninsula should monitor the progress of this system. An Air Force Reserve reconnaissance aircraft

is scheduled to investigate this disturbance later today.

* Formation chance through 48 hours...medium...50 percent

* Formation chance through 5 days...medium...60 percent

2. A trough of low pressure located a couple of hundred miles north of Puerto Rico continues to

produce disorganized showers and thunderstorms. Environmental conditions are expected to be

unfavorable for development of this system during the next couple of days, but they could become

slightly more conducive for development by midweek when the system is near the northwestern

Bahamas or Florida.

* Formation chance through 48 hours...low...10 percent.

* Formation chance through 5 days...low...20 percent.

U.S. Natural Gas Supply

Gas Week 8/10 - 8/16

Average daily values (BCF/D):

Last Year (BCF/d)

Dry Production — +71.2

Total Supply — +78.1

Last Week (BCF/d)

Dry Production — +73.2

Total Supply — +79.1

[NEXT REPORT ON AUG 24]

U.S. Natural Gas Demand

Gas Week 8/10 - 8/16

Average daily values (BCF/D):

Last Year (BCF/d)

Power — +36.9

Total Demand — +76.5

Last Week (BCF/d)

Power — +33.0

Total Demand — +72.5

[NEXT REPORT ON AUG 24]

3,082 BCF

+53 BCF (LAST WEEK)

(254) BCF (LAST YEAR)

+55 BCF (5-YR AVG)

Total Working Gas In

Storage

Page 5 © 2017 Mansfield Energy Corp. All rights reserved.

W E A T H E R — H I G H / L O W T E M P E R A T U R E T O M O R R O W

HIGH Temperature LOW Temperature

W E A T H E R — 6 T O 1 0 D A Y O U T L O O K — N O A A

Temperature Precipitation

W E A T H E R — 8 T O 1 4 D A Y O U T L O O K — N O A A

Temperature Precipitation

A U G U S T 2 3 , 2 0 1 7

N A T U R A L G A S N E W S

CME Future Prices

Ethane (C2)

Non-LDH— Mont Belvieu

CME Future Prices

Propane (C3)

Non-LDH— Mont Belvieu

E T H A N E F U T U R E S , N G / E T H A N E R A T I O , P R O P A N E F U T U R E S , A N D T H E F R A C S P R E A D

Page 6 © 2017 Mansfield Energy Corp. All rights reserved.

A U G U S T 2 3 , 2 0 1 7

N A T U R A L G A S N E W S

Month Close Change

Sep-17 0.267 (0.005)

Oct-17 0.272 (0.012)

Nov-17 0.273 (0.010)

Dec-17 0.277 (0.010)

Jan-18 0.280 (0.009)

Feb-18 0.286 (0.008)

Mar-18 0.285 (0.006)

Apr-18 0.280 (0.006)

May-18 0.273 (0.006)

Jun-18 0.269 (0.005)

Jul-18 0.272 (0.005)

Aug-18 0.275 (0.005)

1YR Strip 0.276 (0.007)

(cents/gallon)

Month Close Change

Sep-17 0.752 0.000

Oct-17 0.756 0.000

Nov-17 0.756 (0.000)

Dec-17 0.756 0.001

Jan-18 0.755 0.000

Feb-18 0.752 0.000

Mar-18 0.729 0.001

Apr-18 0.662 0.000

May-18 0.617 0.001

Jun-18 0.608 0.000

Jul-18 0.608 0.000

Aug-18 0.612 (0.001)

1YR Strip 0.697 0.000

(cents/gallon)

0.15

0.17

0.19

0.21

0.23

0.25

0.27

0.29

0.31

0.33

0.35

9/1/

2017

11/1

/201

7

1/1/

2018

3/1/

2018

5/1/

2018

7/1/

2018

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

Ethane Futures

8/22/2017 8/15/2017 7/24/2017

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

9/

1/2

01

7

10

/1/2

01

7

11

/1/2

01

7

12

/1/2

01

7

1/

1/2

01

8

2/

1/2

01

8

3/

1/2

01

8

4/

1/2

01

8

5/

1/2

01

8

6/

1/2

01

8

7/

1/2

01

8

8/

1/2

01

8

9/

1/2

01

8

10

/1/2

01

8

11

/1/2

01

8

12

/1/2

01

8

Ethane / Natural Gas Ratio

8/22/2017 8/15/2017 7/24/2017

0.45

0.50

0.55

0.60

0.65

0.70

0.75

0.80

9/

1/2

01

7

11

/1/2

01

7

1/

1/2

01

8

3/

1/2

01

8

5/

1/2

01

8

7/

1/2

01

8

9/

1/2

01

8

11

/1/2

01

8

1/

1/2

01

9

3/

1/2

01

9

5/

1/2

01

9

7/

1/2

01

9

9/

1/2

01

9

11

/1/2

01

9

1/

1/2

02

0

3/

1/2

02

0

Propane Futures

8/22/2017 8/15/2017 7/24/2017

2.00

2.20

2.40

2.60

2.80

3.00

3.20

3.40

3.60

3.80

4.00

9/1/

2017

10/1

/201

7

11/1

/201

7

12/1

/201

7

1/1/

2018

2/1/

2018

3/1/

2018

4/1/

2018

5/1/

2018

6/1/

2018

7/1/

2018

8/1/

2018

9/1/

2018

10/1

/201

8

11/1

/201

8

12/1

/201

8

Frac Spread

8/22/2017 8/15/2017 7/24/2017

Prompt WTI (CL) Crude

Daily Sentiment

RESISTANCE

48.24 & 48.65

SUPPORT

47.39 & 46.95

40

45

50

55

60

65

10/1

/201

7

2/1/

2018

6/1/

2018

10/1

/201

8

2/1/

2019

6/1/

2019

10/1

/201

9

2/1/

2020

6/1/

2020

10/1

/202

0

2/1/

2021

6/1/

2021

10/1

/202

1

2/1/

2022

6/1/

2022

10/1

/202

2

2/1/

2023

6/1/

2023

10/1

/202

3

2/1/

2024

6/1/

2024

8/22/2017 8/15/2017 7/24/2017

Ethane : 42% 66,500 btu/g

Propane: 28% 90,830 btu/g

Butane: 11% 102,916 btu/g

Iso-Butane: 6% 98,935 btu/g

Natural Gasoline: 13%

115,021 btu/g

B R E N T C R U D E F O R W A R D C U R V E

Page 7 © 2017 Mansfield Energy Corp. All rights reserved.

W T I C R U D E F O R W A R D C U R V E

W T I — B R E N T S P R E A D

NYMEX WTI (CL) Futures

NYMEX Brent (BZ)

Futures

Prompt NGL Futures

($/gallon)

FRAC Spread

Specifications

FOLLOW US ON TWITTER:

@MPG_NatGasNews

NEUTRAL

A U G U S T 2 3 , 2 0 1 7

N A T U R A L G A S N E W S

Close Change

0.913 (0.001)

0.940 (0.004)

1.098 0.003

Iso-Butane

Nat Gasoline

Sep-17

Butane

40

42

44

46

48

50

52

54

56

58

60

10/1

/201

7

3/1/

2018

8/1/

2018

1/1/

2019

6/1/

2019

11/1

/201

9

4/1/

2020

9/1/

2020

2/1/

2021

7/1/

2021

12/1

/202

1

5/1/

2022

10/1

/202

2

3/1/

2023

8/1/

2023

1/1/

2024

6/1/

2024

11/1

/202

4

4/1/

2025

9/1/

2025

2/1/

2026

8/22/2017 8/15/2017 7/24/2017

(5)

(4)

(3)

(2)

(1)

0

10/1

/201

7

2/1/

2018

6/1/

2018

10/1

/201

8

2/1/

2019

6/1/

2019

10/1

/201

9

2/1/

2020

6/1/

2020

10/1

/202

0

2/1/

2021

6/1/

2021

10/1

/202

1

2/1/

2022

6/1/

2022

10/1

/202

2

2/1/

2023

6/1/

2023

8/22/2017 8/15/2017 7/24/2017

Month Close Change

Sep-17 47.64 0.27

Oct-17 47.83 0.30

Nov-17 48.02 0.34

Dec-17 48.18 0.39

Jan-18 48.34 0.45

Feb-18 48.47 0.49

Mar-18 48.58 0.53

Apr-18 48.66 0.57

May-18 48.72 0.60

Jun-18 48.77 0.62

Jul-18 48.80 0.64

Aug-18 48.82 0.65

Sep-18 48.84 0.65

Oct-18 48.87 0.66

Nov-18 48.90 0.67

Dec-18 48.94 0.67

Jan-19 48.95 0.67

Feb-19 48.96 0.67

Mar-19 48.97 0.67

Apr-19 48.99 0.66

May-19 49.02 0.66

Jun-19 49.08 0.66

Jul-19 49.11 0.66

Aug-19 49.14 0.66

1YR Strip 48.40 0.49

2017 47.92 0.33

5YR Strip 49.71 0.62

Month Close Change

Oct-17 51.87 0.21

Nov-17 51.58 0.30

Dec-17 51.51 0.39

Jan-18 51.55 0.46

Feb-18 51.63 0.50

Mar-18 51.73 0.54

Apr-18 51.80 0.56

May-18 51.87 0.59

Jun-18 51.94 0.61

Jul-18 52.03 0.63

Aug-18 52.09 0.64

Sep-18 52.12 0.65

Oct-18 52.15 0.66

Nov-18 52.17 0.66

Dec-18 52.19 0.66

Jan-19 52.22 0.66

Feb-19 52.28 0.66

Mar-19 52.34 0.67

Apr-19 52.43 0.67

May-19 52.47 0.68

Jun-19 52.48 0.68

Jul-19 52.58 0.69

Aug-19 52.65 0.70

Sep-19 52.72 0.71

1YR Strip 51.81 0.51

2017 51.65 0.30

5YR Strip 53.36 0.68