Market Updates

Daily Market Update - August 3, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading up $0.04 at $2.77.  The Sep16 crude contract is up $0.34 at $39.85.

Summary

With cooler weather on the way, at least for the western U.S., natural gas prices retreated yesterday, still anchored by natural gas  inventories that are expected to end the injection season close to last year’s record high.  Sep16 natural gas futures lost 3.8 cents, settling at $2.733/MMBtu, firmly planted back in the $2.65-$2.80 trading range, where the prompt month has spent most of its time over the past month.  The recent hot weather across most of the country has driven strong cooling demand, which is expected to severely limit the amount of gas going into storage.  With preliminary estimates for this weeks storage report ranging from a 1-7 Bcf injection, there is the possibility that the U.S. Energy Information Administration’s weekly data could actually show a rare summer withdrawal from stockpiles, especially if estimates miss by as much as they had last week.  Total U.S. dry production is at 70.8 Bcf/d today, down 0.7 Bcf/d day-over-day, and down the same amount from the six-day average.

Market Update 080316

Market Settles 080216

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