Market Updates

Daily Market Update - July 11, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading up $0.03 at $2.83.  The Aug16 crude contract is down $0.16 at $45.25.

Summary

With very warm weather ahead and shrinking storage surpluses, natural gas prices rose 2.4 cents on Friday, settling at $2.801/MMBtu.  Despite the gain, natural gas prices were down 18.6 cents (6.2%) week-over-week, ending a five-week bullish run.  All of those losses happened in one session on Tuesday.  The National Oceanic and Atmospheric Administration is forecasting hot weather to continue for all of the U.S. except for the Northwest for at least the next two weeks, bringing with it higher demand for natural gas.  Above-normal temperatures have been the primary driver for the recent price rally, and the continued warm weather should keep upward pressure on prices.  However, money managers increased their net short position by almost 2,000 contracts in the week to July 5, betting the market will fall. It is the first time since late May they have expanded their net short position since late May.  Total demand for natural gas is down 3.0 Bcf/d today from Friday at 68.7 Bcf/d, while production also fell, down 0.4 Bcf/d from Friday to 70.7 Bcf/d today.

Market Update 071116

Market Settles 070816

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