Market Updates

Daily Market Update - July 12, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading up $0.04 at $2.74.  The Aug16 crude contract is up $1.14 at $45.90.

Summary

In the opening session of the week, natural gas prices took a dive yesterday, falling 9.9 cents and settling at $2.702/MMBtu, despite very warm weather outlooks.  With plenty of gas in storage in spite of weekly injections below historical norms, the market seems unable to break above key resistance levels.  The warmer-than-normal weather has increased demand for natural gas, but not as much as the market has been expecting.  In its most recent weekly update , the U.S. Energy Information Administration reported that the overall demand for natural gas was down 4% week-over-week, falling from 61.5 Bcf/d to 59.1 Bcf/d.  A large part of the drop was due to power burn, which declined 5% to 32.3 Bcf/d from 34.0 Bcf/d the previous week.  Hot weather continues to be forecast  for at least the next two weeks, with almost the entire country expected to see above-average temperatures for this time of year.  Only a small portion of the Northwest can expect cooler below-normal temperatures.

Market Update 071216

Market Settles 071116

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