Market Updates

Daily Market Update - June 2, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading flat to yesterday’s close at $2.38.  The Jul16 crude contract is down $0.41 at $48.60.


The Jul16 natural gas futures contract continued its rally yesterday, climbing another 9.3 cents to settle at $2.381/MMBtu.  The prompt month has not been this high since January, bolstered by increasing demand and diminishing production.  Weather continues to drive demand, with heat building in the Southeast, an area heavily reliant on natural gas for power generation.  The entire western half of the U.S. is forecast to be above normal, while areas with below normal temperatures stretching from the Northeast, across the Midwest down to Texas, shrink in the 8-14 day outlook.  Meanwhile, production continues to falter, as Bentek, again, projects the lowest level of the year today at 70.0 Bcf/d.  Yesterday’s early morning projection, which would have been the lowest level of the year, was revised later to 70.8 Bcf/d.  The U.S. Energy Information Administration is scheduled to release their weekly storage data today, with expectations for an injection in the mid 80s (83-87 Bcf).  This is still far below the 126 Bcf build seen for the same week last year, and less than the 98 Bcf five-year average.

Market Update 060216

Market Settles 060116

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