Market Updates

Daily Market Update - April 18, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading up $0.02 at $1.92.  The May16 crude contract is down $1.76 at $38.60.



Summary

The NG prompt month ticked lower again on Friday, falling $.068 to close the week at $1.902.  Forecasts for milder weather were the leading driver in the market.  The milder weather is likely to cause lower heating related demand, which should increase the pace of injections, after a slow start to the season.  We’re expecting total US demand to be in the low to mid 60, down from the low 70’s earlier in April.  Supply is hovering near 71.5 Bcf/D, still down from the 74 Bcf/d from February.  Low prices and pipeline maintenance are the primary reasons for lower production.  With the rig count as low as it is, it’s hard to see much of a production recovery without an increase in the rig count (which presumably requires higher prices).  Estimates for this weeks’ storage report call for a build in the low single digits (82 last year, and 46 for the 5 year average).

Market Update 041816

Market Settles 041516

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