Market Updates

Daily Market Update - July 7, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading up $0.04 at $2.83.  The Aug16 crude contract is up $0.47 at $47.90.

Summary

Coming off the biggest one-day decline since October on Tuesday, natural gas prices rebounded a bit yesterday, settling at $2.786/MMBtu, up 2.2 cents.  Aug16 natural gas futures lost some of their steam as weather outlooks turned cooler for the western half of the country, and have been unable to break above the $3.00 technical level.  In the East, hot temperatures continue to dominate, and are reflected in day-ahead power prices, which have climbed significantly.  With the recent rally in gas prices and depressed coal prices, power generators have been burning more coal as fuel in recent weeks.  The U.S. Energy Information Administration is scheduled to release their weekly storage data this morning, which is expected to show natural gas stockpiles grew by about 39 Bcf in the week to July 1.  This would continue the trend of below-average storage injections, as the estimate is much less than last year’s 83 Bcf, as well as the 77 Bcf five-year average.

Market Update 070716

Market Settles 070616

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