Market Updates

Daily Market Update - April 13, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading up $0.03 at $2.03.  The May16 crude contract is down $0.62 at $41.55.

Summary

After losing 10.6 cents in the previous two sessions, The May16 natural gas contract rebounded 9.2 cents yesterday to settle at $2.004/MMBtu.  The sharp rebound comes after the Department of Energy released their monthly Drilling Productivity Report on Monday, which shows that total output from seven key shale plays will likely fall from 46.42 Bcf/d in April to 45.93 Bcf/d in May, a decline of 490.15 MMcf/d (1.1%).  Short-covering ahead of tomorrow’s weekly storage report most likely added to the boost in prices.  The next two storage reports are currently projected to be very small (3 Bcf) injections due to the extended cold we’ve been experiencing and the likelihood of prolonged heating demand.  Injections are expected to begin to ramp up closer to five-year average levels in three weeks, as temperatures climb to normal and above-normal for the entire U.S. and demand for natural gas tempers.  Day-over-day, U.S. dry production has slipped another 0.5 Bcf/d to 70.7 Bcf/d today.

Market Update 041316

Market Settles 041216

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