Market Updates

Daily Market Update - June 28, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is up $0.10 at $2.82.  The Aug16 crude contract is up $1.22 at $47.55.


Options for July natural gas expired yesterday, and both July and August traded higher in this week’s opening session.  Today is the last day for trading Jul16 natural gas futures, and they rose 5.4 cents yesterday, settling at $2.716/MMBtu, while August settled at $2.741/MMBtu, up 4.7 cents.  U.S. dry production is, again, supporting prices, as Bentek data shows it slipping 0.9 Bcf/d today to 69.6 Bcf/d.  Year-over-year, production is down 1.3 Bcf/d for the month of June.  Weather has become less supportive in the near-term, as cooler-than-normal temperatures are forecast for the Mid-Atlantic through the Midwest, and the areas of above-average temperatures shrink.  However, longer-term outlooks suggest a return to warmer-than-normal temperatures across most of the country that should be accompanied by an uptick in cooling demand.  Production could make a rebound as there is some evidence that producers are reacting to the higher natural gas price environment, with rig counts increasing amid better drilling economics.

Market Update 062816

Market Settles 062716

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