Market Updates

Daily Market Update - June 22, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading down $.02 at $2.74.  The Jul16 crude contract is up $0.30 at $50.15.

 

Summary

Another day of the near-term NG markets moving higher and the longer-terms moving lower.  The prompt contract finished up by $.021 and the 12 month was up $.016, while Cal ‘18 - ‘20 were down slightly.  This continued move is exacerbating the backwardation between ’19 and ’19, which there now being a $.16 differential between the terms.  The reasons for the move higher in the near-term are unchanged: lower production and higher demand through power burns.  For tomorrows’ storage report, expectations for a build are centering around a number in the hi 50’s, lo 60’s Bcf, which compares to last years +79 Bcf and the 5 year average of +88 Bcf.  Estimates for end-of-season storage totals seem to fall on a daily basis, with the total now expected to be firmly below 4.0 Tcf, perhaps close to 3.8 Tcf.

Market Update 062216

Market Settles 062116

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