Market Updates

Daily Market Update - April 21, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.01 at $2.06.  The May16 crude contract is up $0.02 at $44.20.

Summary

With falling production offering support and heavy stockpiles providing resistance, natural gas prices edged down from their two-month high yesterday.  The May16 NYMEX futures contract settled at $2.069, 1.9 cents lower than Tuesday’s close.  In the previous session, prices climbed 7.6% in the best daily performance of the year for natural gas.  The market has seen some heavy buying activity lately, as traders are betting that major cutbacks by drillers for natural gas would further reduce production, leading to a possible shortage when demand picks up as we get closer to summer.  But storage inventories, although off to a slow start so far, are beginning the rebuilding season at a record-high starting point.  Estimates for this week’s storage report center around a 4 Bcf injection, which compares bullishly to the 82 Bcf build seen last year for the corresponding week, as well as the 45 Bcf five-year average injection.  Currently, storage inventories are more than 50% above normal.

Market Update 042116

Market Settles 042016

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