Market Updates

Daily Market Update - August 8, 2016

Daily market update

Early Morning Update

The Sep16 natural gas contract is trading down $0.02 at $2.75.  The Sep16 crude contract is up $0.80 at $42.60.

Summary

Despite a summer storage withdrawal reported on Thursday by the U.S. Energy Information Administration, pre-weekend profit taking on Friday helped push natural gas prices lower.  The Sep16 natural gas contract extended losses in the week’s final session, settling at $2.772/MMBtu, down 6.2 cents.  Although many regions across the country are expected to see warmer-than-normal conditions continue, there are an increasing number of areas that are forecast to be at normal temperatures over the next two weeks.  This would imply a tapering of demand for gas  as we head toward the end of summer.  Power burn has retreated from the 40.9 Bcf/d record-high level reached on July 21, and is at 33.7 Bcf/d today.  Total U.S. demand fell by 2.2 Bcf/d over the weekend from the previous seven-day average of 68.2 Bcf/d, while dry production averaged 71.3 Bcf/d over the weekend, a drop of 0.2 Bcf/d from the previous seven-day average.

Market Update 080816

Market Settles 080516

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