Market Updates

Daily Market Update - July 6, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading down $0.05 at $2.71.  The Aug16 crude contract is down $0.40 at $46.20.

Summary

After hitting a one-year high on Friday before the holiday weekend, natural gas prices tumbled 7.5% yesterday, as traders took advantage of the high prices and began selling.  For several weeks now, the market had been concerned with increasing demand due to warmer-than-normal temperatures and faltering natural gas production.  However, weather outlooks are beginning to show a break in the hot spell, with average and cooler-than-normal temperatures in the western half of the country.  Above-average temperatures are still forecast in the East, but these are expected to be short-lived, as cooler temperatures appear in that half of the country in the third week of July.  U.S. dry production has made a small rebound since the beginning of July, averaging 70.8 Bcf/d so far this month.  This is up 0.35 Bcf/d from June’s average.  Power burn remains bullish, however, up 1.8 Bcf/d today to 30.9 Bcf/d, and is the main contributor to the increase in U.S. overall demand, day-over-day.  Total U.S. natural gas demand is up 2.0 Bcf/d at 62.2 Bcf/d today.

Market Update 070616

Market Settles 070516

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