Market Updates

Daily Market Update - June 3, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading up $0.02 at $2.43.  The Jul16 crude contract is down $0.37 at $48.80.

Summary

The prompt month continued its ascent yesterday, although at a slightly slower pace than what was seen in the previous two sessions.  The Jul16 natural gas futures contract gained another 2.4 cents on Thursday, settling at $2.405/MMBtu.  The U.S. Energy Information Administration reported that storage inventories grew by 82 Bcf in the week to May 27, bringing the total working gas supply to 2,907 Bcf.  The weekly build was very close to the pre-report estimate of 83 Bcf, but was less than the 98 Bcf five-year average, and far below the 126 Bcf reported last year for the same week.  The surplus to last year was cut to 712 Bcf (32%), while the surplus to the five year average was pared to 753 Bcf (35%).  The shrinking overstocks signal a tightening of the supply-demand balance that is expected to persist as production continues to slide and temperatures pick up heading into summer.  The natural gas rig count stands at 87, which is 138 rigs less than the 225 rigs operating during the same week last year.  The latest data from the EIA shows gross natural gas production was down 0.95 Bcf/d (1%) to 91.06 Bcf/d in March, from 92.01 Bcf/d in February.

Market Update 060316

Market Settles 060216

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