Market Updates

Daily Market Update - April 14, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.03 at $2.01.  The May16 crude contract is up $0.19 at $41.95.

Summary

Declining natural gas production, together with some expectations of a warmer-than-normal summer are providing plenty of support to gas prices.  Coming on the heels of a 4.8% uptick in natural gas prices on Tuesday, the prompt month rose another 3.2 cents (1.6%) yesterday, settling at $2.036/MMBtu.  The abundance of shale gas and a mild winter have created an oversupply in the natural gas market, helping push storage more than 54% higher than normally seen at this time of year.  However, it looks like production is beginning to back off in response to low oil and gas prices, and as the market’s attention turns to summer, is giving a boost to natural gas prices.  The U.S. Energy Information Administration is scheduled to release their weekly storage report this morning, and estimates show stockpiles growing by just 3 Bcf week-over-week.  This compares to a five-year average injection of 22 Bcf.  Last year, storage rebuilding was already at a torrid pace, with a 49 Bcf reported for the same week in 2015.

Market Update 041416

Market Settles 041316

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