Market Updates

Daily Market Update - April 28, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading down $0.05 at $2.10.  The Jun16 crude contract is up $0.17 at $45.50.


The May16 and Jun16 natural gas futures contracts both fell for a third straight session on Wednesday, while the rest of the curve through Feb24 remained flat or rose.  May passed the baton to June as the prompt month at the close of business yesterday, settling for its final time at $1.995/MMBtu, down 3.7 cents on the day.  June moved down just 0.6 cent, closing the day at $2.153/MMBtu.  It is anticipated that the storage rebuilding season will finally get underway in earnest when the U.S. Energy Information Administration releases its weekly storage report this morning.  Injections so far have not exceeded 15 Bcf, and have flip-flopped weekly between builds and withdrawals, but the market is anticipating a growth in storage for the week to April 22 between 65 and 81 Bcf, with a consensus building around 70 Bcf.  A build at that level would be less than the 84 Bcf seen last year for the corresponding week, but higher than the 52 Bcf five-year average.  Moderating weather is seen as the impetus for this week’s larger injection, as there were 36.8% fewer heating degree days in the week to April 23 according to data from the National Oceanic and Atmospheric Administration, and 46.9% less than average.

Market Update 042816

Market Settles 042716

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