Market Updates

Daily Market Update - July 8, 2016

Daily market update

Early Morning Update

The Aug16 natural gas contract is trading flat to yesterday’s close at $2.78.  The Aug16 crude contract is up $0.36 at $45.50.


The U.S. Energy Information Administration reported a storage injection that was at the low end of estimates, and, again, far below historical averages.  Natural gas inventories grew by 39 Bcf in the week to July 1, which was bullish compared to the 83 Bcf build for the same week last year, as well as the 77 Bcf five-year average. Despite this, the prompt month finished the day down slightly, 0.9 cent, settling at $2.777/MMBtu.  Stockpiles now stand at 3,179 Bcf, which is still 538 Bcf more than last year and 599 Bcf greater than the five-year average.  Weather outlooks remain bullish, with warmer-than-normal temperatures blanketing the eastern two-thirds of the country for at least the next two weeks.  Power burn, or gas used for generation, reached a year-to-day high yesterday at 36.7 Bcf/d, which was 0.6 Bcf/d more than the previous high set on June 27.  Natural gas dry production has been making a comeback since hitting a YTD low on June 28 of 69.4 Bcf/d. Flooding in West Virginia and an explosion at a natural gas processing plant in Mississippi contributed to the decline, but production has been climbing back since then to just over 71 Bcf/d.  Today, however, production has slipped 0.6 Bcf/d from yesterday down to 70.5 Bcf/d.

Market Update 070816

Market Settles 070716

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