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

Prompt Natural Gas

(NG) Daily Sentiment

RESISTANCE

3.00 & 3.08

SUPPORT

2.86 & 2.81

Natural Gas Futures Tumble to 3-Week Lows — Investing.com reports: U.S. natural gas futures started the week on a downbeat note on Monday, with prices sliding to their lowest level in around three weeks, as traders reacted to the reality that higher demand for the commodity was coming to an end. Warm high pressure

I N T H E N E W S Prior Day’s NYMEX

Nov-17 Contract (CT)

© 2017 Mansfield Energy Corp. All rights reserved.

Trading Summary NYMEX NG Futures

Contact Us

Mansfield Energy Corp

1025 Airport Pkwy

Gainesville, GA 30501

www.mansfield.energy

info@mansfieldoil.com

Phone: (800) 695-6626

O C T O B E R 3 , 2 0 1 7

2.82

2.84

2.86

2.88

2.90

2.92

2.94

2.96

2.98

3.00

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

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-1

7

Au

g-1

7

Sep

-17

Oct

-17

NATURAL GAS

Futures Close Change

NG 2.916 (0.091)

Volume 509,220 (487,960)

Open Int. 1,373,742 39,833

CRUDE AND GASOLINE

Futures Close Change

Crude 50.58 (1.09)

RBOB 1.5553 (0.0357)

Crude/NG 17.35 0.16

METALS

Futures Close Change

Gold 1,272.70 (2.80)

EQUITIES

Exchange Close Change

DOW 22,557.60 152.51

S&P 500 2,529.12 9.76

CURRENCY

Currency Close Change

EUR/USD 1.1732 (0.0082)

USD/CND 1.2504 (0.0006)

Month Close Change

Nov-17 2.916 (0.091)

Dec-17 3.106 (0.075)

Jan-18 3.234 (0.061)

Feb-18 3.240 (0.059)

Mar-18 3.193 (0.056)

Apr-18 2.910 (0.029)

May-18 2.881 (0.023)

Jun-18 2.910 (0.020)

Jul-18 2.936 (0.018)

Aug-18 2.940 (0.016)

Sep-18 2.919 (0.016)

Oct-18 2.941 (0.017)

Nov-18 2.994 (0.015)

Dec-18 3.130 (0.012)

Jan-19 3.216 (0.011)

Feb-19 3.193 (0.013)

Mar-19 3.122 (0.015)

Apr-19 2.748 0.000

May-19 2.711 (0.001)

Jun-19 2.735 (0.001)

Jul-19 2.759 (0.001)

Aug-19 2.765 (0.001)

Sep-19 2.751 (0.001)

Oct-19 2.775 (0.001)

1YR Strip 3.011 (0.040)

2017 3.011 (0.083)

5YR Strip 2.889 (0.005)

BEARISH

• Natural Gas Futures Tumble to 3-Week Lows

• Ontario is about to become a natural gas battleground —

and the winners will be consumers

will quickly strengthen and expand east of the Plains this week with widespread highs of upper 60 to near 80°F across the north-ern U.S. and 80s to locally near 90°F over the southern U.S. Gas futures often reach a seasonal low in October, when mild weather reduces demand, before recovering in the winter, when heating-fuel use peaks. For more on visit investing.com or click the follow-ing link http://bit.ly/2fKXYG1 Ontario is about to become a natural gas battleground — and the winners will be consumers – The Financial Post reported: Alberta natural gas producers aim to wrestle back market share from their U.S. counterparts in booming eastern Canada, after Trans-Canada Corp. slashed its tolls by 58 per cent on its pipeline sys-tem that sends gas from Empress, Alta. to southern Ontario. TransCanada agreed to cut its tolls from $1.86 per gigajoule to 77 cents per GJ with 23 shippers, who in turn, committed to ship 1.4 billion cubic feet of natural gas per day on the system for 10 years. The new contracts were signed in March and approved by the National Energy Board on Sept. 21, which led to an immediate drop in Ontario natural gas prices. TransCanada would consider more deals to ship natural gas from Western Canada to the Dawn, Ont. storage hub given the success of its reduced tolling arrange-ment, company spokesperson Shawn Howard. The cut in toll should also see Ontarians’ winter heating bills fall this year as the country’s most populous province becomes a battle ground for natural gas competition. For more visitfinancialpost.com or click the following link http://bit.ly/2xbEbC7

Trade Date: Oct-02-2017

Flow Date(s): Oct-03-2017

2.360.06 2.77

0.64

2.36 2.51 2.700.07 (0.07) (0.03)

2.460.04 2.84

0.58

0.572.48 2.63 2.66 (0.20)

(0.08) (0.08) (0.03) 1.852.45 0.33

0.06

0.002.41 0.00

(0.01)

3.03(0.04) 2.19 0.62

3.29 (0.09) 2.72 (0.13)

0.45 (0.08)

2.610.13

2.37 2.65(0.11) (0.08) 2.70

(0.09)

2.15 2.82(0.15) (0.10)

2.782.65 (0.08)

(0.09) 2.732.81 (0.08)

(0.08)

NYMEX

2.916(0.091)

ID PRICE CHANGE ID PRICE CHANGE ID PRICE CHANGE

1 2.36 0.06 61 11 2.48 (0.08) 31 21 2.66 (0.03) 762 2.46 0.04 63 12 2.41 (0.01) 32 22 0.57 (0.20) 773 3.03 (0.04) 64 13 2.15 (0.15) 21 23 2.81 (0.08) 114 3.29 0.45 92 14 2.65 (0.09) 25 24 2.73 (0.08) 165 2.61 0.13 91 15 2.82 (0.10) 24 25 2.70 (0.09) 136 2.37 (0.11) 22 16 2.65 (0.08) 23 26 2.78 (0.08) 127 2.19 (0.09) 41 17 2.72 (0.08) 15 27 0.62 (0.13) 818 2.45 0.06 51 18 2.63 (0.08) 72 28 0.00 0.00 829 2.36 0.07 52 19 2.70 (0.03) 73 29 1.85 0.33 83

10 2.51 (0.07) 33 20 2.77 0.64 71 30 2.84 0.58 74Ventura Iroquois (into) Iroquois-Z2

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

NWP-Wyoming Michcon Transco-Z6 (NY)

Waha NGPL-TXOK FGT-Z3

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

Socal-Citygate TGP-Z0 Transco-85

SoCal Border Houston Ship Channel Sonat-Z0 South

Malin Panhandle Leidy-Transco

PG&E - Citygate EP-Permian Henry

DAILY INDEX DAILY INDEX DAILY INDEX

Stanfield NGPL-Midcont Pool REX E-ANR

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.

O C T O B E R 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

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

5/1/

2020

Waha Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

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.

O C T O B E R 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

Nov-17 2.900 0.107 33.7

Dec-17 3.100 0.168 33.7

Jan-18 3.250 0.240 39.4

Feb-18 3.250 0.311 43.1

Mar-18 3.200 0.357 45.0

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-19

Month Strike Close Imp Vol

Nov-17 2.900 0.091 33.7

Dec-17 3.100 0.168 35.6

Jan-18 3.250 0.253 39.4

Feb-18 3.250 0.320 43.1

Mar-18 3.200 0.364 45.0

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-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

OCT 2017 SEP 2017 AUG 2017

1.75

2.25

2.75

3.25

3.75

4.25

11/1

/201

7

4/1/

2018

9/1/

2018

2/1/

2019

7/1/

2019

12/1

/201

9

5/1/

2020

10/1

/202

0

3/1/

2021

8/1/

2021

1/1/

2022

6/1/

2022

11/1

/202

2

4/1/

2023

9/1/

2023

2/1/

2024

7/1/

2024

12/1

/202

4

5/1/

2025

10/1

/202

5

3/1/

2026

NYMEX Natural Gas Forward Curve

10/2/2017 9/25/2017 9/5/2017

-2.000

0.000

2.000

4.000

6.000

8.000

10.000

12.000

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

5/1/

2020

Sumas Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

-0.35

-0.3

-0.25

-0.2

-0.15

-0.1

-0.05

0

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

5/1/

2020

Michcon Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

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

5/1/

2020

Transco Zone 6 Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

-0.600

-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

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

5/1/

2020

Socal Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

-0.07

-0.06

-0.05

-0.04

-0.03

-0.02

-0.01

0

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

5/1/

2020

Transco Zone 4 Basis (platts Iferc)

10/2/2017 9/25/2017 9/5/2017

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: September 28, 2017

O C T O B E R 3 , 2 0 1 7

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

EIA Storage History for

39th Week of Year

(Due to Report Oct 5)

Year Week Ending BCF

2013 Sep 27, 2013 +102

2014 Sep 26, 2014 +111

2015 Sep 25, 2015 +96

2016 Sep 23, 2016 +49

ESTIMATE — +47

Rig Count

Report Date:

Total Change

US - 940 +5

CN - 213 (7)

September 29, 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

U.S. Natural Gas Supply

Gas Week 9/21 - 9/27

Average daily values (BCF/D):

Last Year (BCF/d)

Dry Production — +69.9

Total Supply — +75.9

Last Week (BCF/d)

Dry Production — +74.5

Total Supply — +80.2

[NEXT REPORT ON OCT 5]

U.S. Natural Gas Demand

Gas Week 9/21 - 9/27

Average daily values (BCF/D):

Last Year (BCF/d)

Power — +30.9

Total Demand — +66.9

Last Week (BCF/d)

Power — +31.2

Total Demand — +71.2

[NEXT REPORT ON OCT 5]

3,466 BCF

+58 BCF (LAST WEEK)

(127) BCF (LAST YEAR)

+41 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

O C T O B E R 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.

O C T O B E R 3 , 2 0 1 7

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

Month Close Change

Nov-17 0.265 (0.000)

Dec-17 0.266 (0.009)

Jan-18 0.268 (0.008)

Feb-18 0.273 (0.005)

Mar-18 0.276 (0.009)

Apr-18 0.276 (0.011)

May-18 0.274 (0.011)

Jun-18 0.274 (0.007)

Jul-18 0.274 (0.008)

Aug-18 0.277 (0.004)

Sep-18 0.281 (0.003)

Oct-18 0.285 (0.002)

1YR Strip 0.274 (0.006)

(cents/gallon)

Month Close Change

Nov-17 0.870 (0.017)

Dec-17 0.869 (0.034)

Jan-18 0.868 (0.037)

Feb-18 0.856 (0.045)

Mar-18 0.829 (0.060)

Apr-18 0.743 (0.116)

May-18 0.680 (0.087)

Jun-18 0.662 (0.043)

Jul-18 0.658 (0.028)

Aug-18 0.661 (0.021)

Sep-18 0.665 (0.018)

Oct-18 0.670 (0.017)

1YR Strip 0.753 (0.044)

(cents/gallon)

0.15

0.20

0.25

0.30

0.35

0.40

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

5/1/

2020

Ethane Futures

10/2/2017 9/25/2017 9/5/2017

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

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

1/

1/2

01

9

2/

1/2

01

9

Ethane / Natural Gas Ratio

10/2/2017 9/25/2017 9/5/2017

0.45

0.55

0.65

0.75

0.85

0.95

1.05

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

5/

1/2

02

0

Propane Futures

10/2/2017 9/25/2017 9/5/2017

2.00

2.50

3.00

3.50

4.00

4.50

5.00

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

1/1/

2019

2/1/

2019

Frac Spread

10/2/2017 9/25/2017 9/5/2017

Prompt WTI (CL) Crude

Daily Sentiment

RESISTANCE

51.50 & 52.43

SUPPORT

49.86 & 49.15

40

45

50

55

60

65

12/1

/201

7

4/1/

2018

8/1/

2018

12/1

/201

8

4/1/

2019

8/1/

2019

12/1

/201

9

4/1/

2020

8/1/

2020

12/1

/202

0

4/1/

2021

8/1/

2021

12/1

/202

1

4/1/

2022

8/1/

2022

12/1

/202

2

4/1/

2023

8/1/

2023

12/1

/202

3

4/1/

2024

8/1/

2024

10/2/2017 9/25/2017 9/5/2017

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

BULLISH

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

O C T O B E R 3 , 2 0 1 7

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

Close Change

1.016 (0.003)

1.035 0.017

1.180 0.012

Iso-Butane

Nat Gasoline

Nov-17

Butane

40

42

44

46

48

50

52

54

56

58

60

11/1

/201

7

4/1/

2018

9/1/

2018

2/1/

2019

7/1/

2019

12/1

/201

9

5/1/

2020

10/1

/202

0

3/1/

2021

8/1/

2021

1/1/

2022

6/1/

2022

11/1

/202

2

4/1/

2023

9/1/

2023

2/1/

2024

7/1/

2024

12/1

/202

4

5/1/

2025

10/1

/202

5

3/1/

2026

10/2/2017 9/25/2017 9/5/2017

(7)

(6)

(5)

(4)

(3)

(2)

(1)

0

12/1

/201

7

4/1/

2018

8/1/

2018

12/1

/201

8

4/1/

2019

8/1/

2019

12/1

/201

9

4/1/

2020

8/1/

2020

12/1

/202

0

4/1/

2021

8/1/

2021

12/1

/202

1

4/1/

2022

8/1/

2022

12/1

/202

2

4/1/

2023

8/1/

2023

10/2/2017 9/25/2017 9/5/2017

Month Close Change

Nov-17 50.58 (1.09)

Dec-17 50.90 (1.05)

Jan-18 51.14 (1.00)

Feb-18 51.27 (0.95)

Mar-18 51.33 (0.91)

Apr-18 51.35 (0.86)

May-18 51.31 (0.83)

Jun-18 51.24 (0.81)

Jul-18 51.14 (0.79)

Aug-18 51.04 (0.78)

Sep-18 50.95 (0.78)

Oct-18 50.87 (0.78)

Nov-18 50.81 (0.77)

Dec-18 50.76 (0.76)

Jan-19 50.66 (0.76)

Feb-19 50.57 (0.76)

Mar-19 50.48 (0.76)

Apr-19 50.42 (0.74)

May-19 50.36 (0.73)

Jun-19 50.33 (0.72)

Jul-19 50.26 (0.71)

Aug-19 50.19 (0.70)

Sep-19 50.13 (0.70)

Oct-19 50.09 (0.69)

1YR Strip 51.09 (0.89)

2017 50.74 (1.07)

5YR Strip 50.33 (0.69)

Month Close Change

Dec-17 56.12 (0.67)

Jan-18 55.89 (0.70)

Feb-18 55.71 (0.72)

Mar-18 55.58 (0.73)

Apr-18 55.49 (0.72)

May-18 55.39 (0.72)

Jun-18 55.27 (0.72)

Jul-18 55.18 (0.71)

Aug-18 55.07 (0.72)

Sep-18 54.95 (0.72)

Oct-18 54.85 (0.73)

Nov-18 54.77 (0.73)

Dec-18 54.69 (0.74)

Jan-19 54.62 (0.74)

Feb-19 54.59 (0.74)

Mar-19 54.55 (0.74)

Apr-19 54.55 (0.74)

May-19 54.50 (0.73)

Jun-19 54.41 (0.73)

Jul-19 54.40 (0.73)

Aug-19 54.36 (0.72)

Sep-19 54.32 (0.72)

Oct-19 54.32 (0.72)

Nov-19 54.25 (0.72)

1YR Strip 55.36 (0.72)

2017 56.12 (0.67)

5YR Strip 54.75 (0.65)