Market Updates

Daily Market Update - April 20, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading up $0.02 at $2.11.  The May16 crude contract is down $0.93 at $40.15.

Summary

Yesterday, the natural gas prompt month experienced its biggest one-day gain this year, as the May16 NYMEX contract climbed 14.8 cents to settle at $2.088/MMBtu.  Falling production levels have been fueling the rise in natural gas prices, with a little help from weather forecasts showing cooler-than-normal conditions for the Northeast, the Great Lakes, and the Southwest.  After revising Tuesday’s total U.S. dry production estimate upward to 70.8 Bcf/d from 70.3 Bcf/d, Bentek Energy is projecting a further decrease in production today at 70.6 Bcf/d.  Northeast production accounted for most of the 0.2 Bcf/d day-over-day drop, falling close to its lowest level so far this year.  U.S. production is averaging 71.4 Bcf/d this month, down 0.7 Bcf/d from March’s average.  Meanwhile, demand for natural gas in the power generation sector has risen sharply this week and is estimated at 25.9 Bcf/d today, up from 20.4 Bcf/d this past weekend.  Falling production levels and higher demand have helped tighten the supply/demand balance this week, putting upward pressure on natural gas prices.

Market Update 042016

Market Settles 041916

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