Market Updates

Daily Market Update - August 4, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading up $0.01 at $2.85.  The Sep16 crude contract is down $0.08 at $40.75.


The declines in natural gas prices over the last two sessions were all but erased yesterday, as traders took advantage of the lower prices and began buying.  As the market anticipates another far-below average storage injection to be reported today, the prompt month gained 10.6 cents on Wednesday, settling at $2.839/MMBtu.  Estimates for storage growth in the week to July 29 range widely, from a 4 Bcf withdrawal to a 14 Bcf build.  A withdrawal at this time of rear is not unheard of, but quite rare and not seen in the last ten years.  Consensus stands at a 3 Bcf injection, which is far below the 41 Bcf increase in natural gas stocks seen last year for the same week, as well as the 54 Bcf five-year average.  The psychological impact of a summer withdrawal, as well as being a big miss to the downside for the second week in a row, would probably send gas prices reaching for $3.00.  Dry production is down 0.4 Bcf/d today to 71.2 Bcf/d, while power burn also fell 0.9 Bcf/d from yesterday to 37.3 Bcf/d today.

Market Update 080416

Market Settles 080316

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