Market Updates

Daily Market Update - July 18, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading up $0.02 at $2.78.  The Aug16 crude contract is down $0.45 at $45.50.


On Friday, rising demand due to hot weather across the entire country trumped abundant storage, as Aug16 natural gas prices rose 2.9 cents, settling at $2.756/MMBtu.  However, the prompt month actually lost ground week-over-week, losing four cents as competing fundamentals continue to battle it out.  Weather forecasts have been offering plenty of support, as warmer-than-normal temperatures have been the prevailing theme for most of the U.S. for several weeks now, but the market seems to have grown accustomed to the hot summer, and the recent price rally has been unable to break through above $3.00.  Although storage surpluses to historical averages have been shrinking weekly, there is still more gas in storage than ever before for this time of year, which has helped keep natural gas prices in check.  Since the beginning of June, the average national temperature has been almost one degree higher this year than over the same period in 2015.  This has driven up cooling-related demand, and the U.S. Energy Information Administration  projects a 4% year-over-year growth in gas used to generate power, setting a new all-time high record.

Market Update 071816

Market Settles 071516

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