Market Updates

Daily Market Update - July 26, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading down $0.05 at $2.70.  The Sep16 crude contract is down $0.60 at $42.53.


Shrugging off bullish fundamentals, the Aug16 natural gas contract, which expires tomorrow, fell three cents yesterday, settling at $2.747/MMBtu.  Shrinking storage surpluses and lingering heat across much of the country should provide support for prices, but the market seems to be ignoring these in favor of selling ahead of tomorrow’s expiration.  The latest forecasts from the National Weather Service have turned slightly cooler than previous forecasts, with relief from warmer-than-normal temperatures in the Northwest, the Southwest, and, now, parts of the Gulf region, including all of Louisiana, Mississippi, and most of Texas in the 6-10 day outlook.  However, the heat returns to the entire South in the 8-14 day outlook.  After reaching an all-time high of 41.0 Bcf/d last Thursday, power burn is at 38.2 Bcf/d today, and should continue to decline throughout the week, falling below 35 Bcf/d this coming weekend.  Maintenance on the Rockies Express Pipeline has ended, causing a rebound in U.S. dry production, which reached 71.0 Bcf/d yesterday.

Market Update 072616

Market Settles 072516

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