Market Updates

Daily Market Update - July 21, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading flat to yesterday’s close at $2.66.  The Sep16 crude contract is down $0.05 at $45.70.


A break in the weather caused a breakout of the trading range to the downside for natural gas prices yesterday.  The National Weather Service is forecasting normal temperatures in the northern and central plains regions of the country over the next two weeks, the first sign of relief from the hot temperatures blanketing the U.S. The prompt month has been range-bound between $2.70 and $2.80 for the past two weeks, but dropped to $2.658/MMBtu on Wednesday, down seven cents on the day.  Until now, natural gas prices have been reluctant to fall below the recent trading range due to strong support from the sustained heat across the nation.  The hot weather has also increased the need for gas-fired power generation, which, in turn, is helping keep the weekly storage injections below historical averages. Estimates for the storage injection for the week to July 15 range from 33 Bcf to 39 Bcf, with consensus pegged at 37 Bcf.  For the same week last year, the storage build was almost twice as high, at 70 Bcf, while the five-year average is 61 Bcf.

Market Update 072116

Market Settles 072016

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