Market Updates

Daily Market Update - April 22, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.02 at $2.05.  The Jun16 crude contract is up $0.52 at $43.70.

Summary

Natural gas futures remained almost flat yesterday, after the U.S. Energy Information Administration reported a weekly storage build close to expectations.  The May16 NYMEX contract settled at $2.068, down just 0.1 cent on the day.  Storage inventories grew by only 7 Bcf in the week to April 15.  With the storage injection season off to a slow start due to declining production and higher-than-normal demand in the power generation sector, the weekly change in natural gas stockpiles was quite bullish compared to last year’s build of 82 Bcf, as well as the 45 Bcf five-year average.  Despite the slow start, there is already ample gas in storage after a mild winter that featured lackluster demand and strong production.  The total amount of natural gas in storage is 881 Bcf (55.0%) more than last year at this time, and 811 Bcf (48.5%) higher than the five-year average.  Prices have rallied in recent weeks as lingering cool temperatures have prolonged heating demand and production continues to wane.  The number of oil drilling rigs has declined rapidly over the past year (nearly 80%), which has caused a reduction in gas supplies, a byproduct of oil production.  U.S. dry production is down to its lowest level of the week today, dropping 0.4 Bcf/d from yesterday to 70.6 Bcf/d.

Market Update 042216

Market Settles 042116

Set your ZIP code and utility

Enter a valid ZIP code
Unfortunately, we don't currently service this area. Please try another ZIP code.

Loading please wait...

Don't see your utility?

We currently only provide service to the listed utilities. For question, please contact 1-888-925-9115.

Loading...

54.91.48.104