Market Updates

Daily Market Update - April 12, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading up $0.05 at $1.96.  The May16 crude contract is up $0.44 at $40.80.

Summary

With weather outlooks turning warmer, reducing the chances for late-season heating load, natural gas futures extended their slide yesterday, falling 7.8 cents to settle at $1.912/MMBtu.  The extended cold has caused the market to rally 12% since late March, but the bearish weather forecasted through the end of April, coupled with a record amount of gas in storage, should continue to pressure natural gas prices.  Robust production and a mild winter have left U.S. natural gas inventories more than 50% higher than normal for this time of year.  After hitting a recent high of 77.7 Bcf/d on Saturday, U.S. dry natural gas production slipped another 0.7 Bcf/d day-over-day to 76.9 Bcf/d today, led by a 0.5 Bcf/d decline in production in the Northeast.  A 2.7 Bcf/d demand increase in the residential/commercial sector is the main driver pushing up total demand 3.3 Bcf/d to 76.4 Bcf/d today.

Market Update 041216

Market Settles 041116

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