Market Updates

Daily Market Update - June 16, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading up $0.01 at $2.60.  The Jul16 crude contract is down $0.86 at $47.15.

Summary

The recent natural gas prompt month rally lost some steam yesterday, settling slightly lower at $2.595/MMBtu, down 0.9 cent on the day.  Weather forecasts have become a little cooler, with more areas of normal temperatures and even some below-normal temperatures creeping into the picture.  However, most of the country will probably still see warmer-than-normal temperatures for the next two weeks.  Natural gas prices are up 58% since hitting a 17-year low on March 3, supported by declining production and, lately, very warm weather.  However, a record amount of gas in storage continues to weigh heavily on prices.  Storage rebuilding has occurred at a slower-than-normal pace this year, trimming the surpluses to historical averages each week.  The U.S. Energy Information Administration is scheduled to release their weekly storage report this morning, and it is estimated that inventories increased by about 66 Bcf in the week to June 10, which is 21 Bcf less than the five-year average and 30 Bcf less than last year for the same week.  This would trim the surpluses to last year to 26% and to the five-year average to 30%.  End-of-season storage levels are estimated to be between 3.8 and 4.1 Tcf.

Market Update 061616

Market Settles 061516

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