Market Updates

Daily Market Update - July 19, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading up $0.05 at $2.77.  The Aug16 crude contract is up $0.06 at $45.30.

Summary

Despite weather forecasts calling for continued hot temperatures through at least the end of July, August natural gas futures pulled back late in this week’s opening session.  After trading most of the day relatively sideways, the prompt month eventually settled at $2.722/MMBtu, down 3.4 cents.  The National Weather Service’s 6-10 day forecast shows warmer-than-normal temperatures for all of the U.S. except for a small portion of the Northwest, before covering all of the U.S. in the 8-14 day period.  The hot weather should keep cooling demand elevated in the coming weeks, which, in turn, should continue the trend of below-average storage building.  However, current record-high natural gas inventories are likely to cap any price rallies induced by the heat wave.  U.S. dry production dropped back below 70 Bcf/d today to 69.3 Bcf/d, with a day-over-day decline of 1.8 Bcf/d.  Most of the reduction is due to a week-long maintenance on the Rockies Express Pipeline, which began today.

Market Update 071916

Market Settles 071816

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