Market Updates

Daily Market Update - April 27, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading down $0.01 at $2.02.  The Jun16 crude contract is up $0.86 at $44.90.

Summary

May16 natural gas futures traded as low as $1.993/MMBtu yesterday, before bouncing back to settle at $2.032/MMBtu, down 3.1 cents on the day.  May options expired with yesterday’s close, and the contract rolls off the board with today’s settle.  With temperatures moderating and plenty of gas in storage supplying plenty of downside pressure to prices, the recent rallies are having a tough time maintaining levels much above the $2.00 technical trading point.  Storage inventories are currently 881 Bcf (55%) above last year’s level at this time and 811 Bcf (48%) higher than the five-year average.  As demand abates heading into the shoulder season, storage rebuilding should pick up, providing motivation for lower prices.  However, declining production continues to offer support, which may induce further rallies when we get closer to summer and demand begins to pick back up again.

Market Update 042716

Market Settles 042616

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