Market Updates

Daily Market Update - August 1, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading down $0.03 at $2.84.  The Sep16 crude contract is down $0.35 at $41.25.

Summary

After the largest percentage gain (8%) in one day since December on Thursday, prompt month natural gas prices closed out the last session of the week just 0.3 cent higher day-over-day.  On Friday, the Sep16 futures contract settled at $2.876/MMBtu.  This comes after the U.S. Energy Information Administration reported the smallest weekly injection in the summer since 2006.  The surplus to last year, that had been 50% at the commencement of this storage-building season, has been trimmed to 15%.  In the National Weather Service’s 6-10 day outlook, the incessant heat which has been plaguing most of the country will break in the West, with pockets of normal temperatures expected in the upper Plains region and northern New York.  However, areas of below-normal temperatures in the West will shrink in the 8-14 day outlook, while the heat increases again for the eastern three-fourths of the country.  After hitting an all-time high of 41.6 Bcf/d last Monday, power burn is projected to be 36.3 Bcf/d in the next 6-10 days, which is still greater than the month-to-date average.  Also setting records are natural gas exports to Mexico, which reached an all-time high of 4.1 Bcf/d over the weekend.

Market Update 080116

Market Settles 072916

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