Market Updates

Daily Market Update - April 25, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.05 at $2.09.  The Jun16 crude contract is up $0.17 at $43.90.

Summary

Bullish sentiment in the natural gas market is growing as U.S. dry production continued its slide for the fourth straight week, averaging just 71.2 Bcf/d last week, down 0.3 Bcf/d from the previous week.  This marks the lowest weekly production average for the year so far.  Most of the weekly drop is due to maintenance in the Midcon region, while declining rig counts helped fuel concerns of a production slowdown.  For the week to April 22, the natural gas rig count dropped by one to 88, and the total number of oil rigs stands at 343, a weekly drop of eight.  The May16 natural gas futures contract gained 7.2 cents on Friday, settling at $2.140/MMBtu, a 12.5% week-over-week increase.  The 12-month strip was up almost 22 cents over the previous week, a 9% hike.  Despite ending the storage withdrawal season at a record-high level, concerns about a storage glut later this summer are starting to wane, as production woes and rising demand from summer heat should work to tighten the supply-demand balance.  Although off to a slow start this year, the injection season is expected to pick up in the next few weeks, but then taper off as cooling demand rises with the onset of warmer summer temperatures.

Market Update 042516

Market Settles 042216

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...

54.224.150.24