Market Updates

Daily Market Update - June 23, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading down $.02 at $2.66.  The Jul16 crude contract is up $0.67 at $49.80.

Summary

The natural gas market corrected itself a bit yesterday, as overbought conditions brought on a wave of profit-taking.  The Jul16 futures contract gave back 9.1 cents on Wednesday, settling at $2.677/MMBtu.  Weather forecasts, again, look milder, with large areas of below-normal temperatures popping up in the Midwest in the 6-10 day outlook and spreading to portions of the Southeast and Mid-Atlantic in the 8-14 day outlook.  Power burn has declined from a year-to-date peak on Monday of 36.0 Bcf/d to 33.6 Bcf/d today, while U.S. dry production has held relatively steady for the past week at 70.6 Bcf/d.  The U.S. Energy Information Administration will release its weekly storage report this morning, with an estimated  growth in natural gas inventories ranging from 58-63 Bcf for the week to June 17.  This would still fall shy of the 77 Bcf injection recorded last year for the same week, as well as the 88 Bcf five-year average.

Market Update 062316

Market Settles 062216

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