Market Updates

Daily Market Update - August 5, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading down $0.04 at $2.79.  The Sep16 crude contract is up $0.04 at $41.97.

 

Summary

The Sep’16 NG contract finished up $.044 yesterday after EIA posted a surprising summer withdrawal from storage of 6 Bcf for the week ending 7/29.  This morning prompt has all but given back any gains from yesterday as traders weigh lackluster weekly injections, seasonally healthy storage levels, and cooler temperatures in the 11-20 day forecast.  NG overall remains fairly range-bound between $2.60 and $3.00 and is currently trading in the middle of the range at $2.81.  The market continues to focus on power burns, which are expected to moderate with temperatures in the coming weeks. Any bullish surprises could push NG to test resistance at $3. Looking ahead, estimates for the next 2 storage reports call for builds in the low 30’s, below historical levels but greater than recent reports.  This reflects a slight uptick in the daily production numbers and a slight slowdown in power burns, as weather has moderated somewhat.

Market Update 080516

Market Settles 080416

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