Market Updates

Daily Market Update - August 12, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading up $0.03 at $2.58.  The Sep16 crude contract is up $0.26 at $43.75.

Summary

With fundamentals becoming less bullish, natural gas futures prices fell for a sixth straight session yesterday.  The prompt month settled at $2.551/MMBtu, down a penny, following cooler weather forecasts and a better-than-expected storage report.  In the National Weather Service’s 8-14 day outlook, areas of normal and below-normal temperatures are larger than the areas of above-normal temperatures for the first time in weeks.  Only the East and portions of the Midwest, Southeast, Texas, and the Pacific Northwest will continue to see temperatures holding above-average.  The U.S. Energy Information Administration released their weekly storage data yesterday, showing that natural gas stockpiles grew by 29 Bcf in the week ending August 5.  This was slightly better than expected, but still below the 53 Bcf five-year average injection, as well as the 57 Bcf build reported last year for the same week.  The surplus to last year was trimmed to 361 Bcf (12%), while the surplus to the five-year average was reduced to 440 Bcf (15%).

Market Update 081216

Market Settles 081116

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