Market Updates

Daily Market Update - July 15, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading down $0.05 at $2.68.  The Aug16 crude contract is up $0.42 at $46.10.

Summary

Natural gas prices settled one cent lower yesterday, after the U.S. Energy Information Administration reported storage inventories grew more than expected last week.  The Aug16 futures contract settled at $2.727/MMBtu on Thursday.  Government data showed natural gas stockpiles increased by 64 Bcf in the week to July 8, which was a little more than expected, but still far below the 95 Bcf injection seen last year for the same week and 77 Bcf less than the five-year average.  The amount of gas in storage now stands at 3,243 Bcf, which is still more than historical levels for this time of year.  However, the surpluses to last year and the five-year average have been shrinking each week.  The EIA is projecting a 4,022 Bcf end-of season storage level, which would result in an all-time record high, but most analysts believe the amount of gas in storage heading into winter will be slightly lower, from 3.7 to 4.0 Tcf.  Weather outlooks continue to show major heat across most of the country in the coming weeks, and with stagnant production, weekly storage injections are expected to continue to fall below historical averages.

Market Update 071516

Market Settles 071416

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