Market Updates

Daily Market Update - April 11, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.07 at $1.92.  The May16 crude contract is up $0.28 at $40.00.

Summary

With end-of-season natural gas stockpiles at record levels and the latest weather forecasts calling for the arrival of milder spring temperatures throughout the U.S. (finally!), natural gas prices closed the final session of last week on the downside.  The May16 NYMEX contract lost 2.8 cents on Friday, settling just under $2.00 at $1.990/MMBtu.  However, the prompt month is up 3.4 cents week-over-week due to the lingering cold we’ve been experiencing lately, particularly in the Northeast and the Midwest.  Revised weather outlooks now show above-average temperatures covering the entire U.S., except for parts of TX and LA.  On the supply side, despite overall supply increasing in the week to Apr. 6, dry natural gas production fell 0.2% for the week, adding to previous declines and signaling  a producer reaction to the current supply and demand imbalance.  Today, total demand is down 5.6 Bcf/d from Friday, with most of the drop coming from the residential/commercial sector, which declined 4.0 Bcf/d over the weekend.  U.S. res/comm demand is projected to remain curbed, averaging 23.4 Bcf/d for the next six days as temperatures rise throughout the week.  Res/comm demand averaged 28.9 Bcf/d over the last six days.

Market Update 041116

Market Settles 040816

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