Market Updates

Daily Market Update - June 9, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading flat to yesterday’s close at $2.47.  The Jul16 crude contract is down $0.63 at $50.60.

Summary

After trading briefly above the $2.50 technical level yesterday, Jul16 natural gas futures eventually settled 0.6 cent lower than the previous day’s close at $2.468/MMBtu.  The latest weather outlooks show much warmer-than-normal temperatures across most of the U.S. for the next two weeks, and that has kindled increased buying as traders expect an increase in cooling demand and a surge in demand from the power generation sector.  Only the Northwest is expected to see below-normal temperatures, with normal temperatures forecast in the Northeast and parts of TX and LA.  The U.S. Energy Information Administration is scheduled to release their weekly storage report this morning covering the week to June 3.  A consensus of estimates centers around a 77 Bcf storage build, continuing this season’s trend of below-average injections.  Last year saw a 117 Bcf addition to inventories for the corresponding week, and the five-year average stands at 96 Bcf.

Market Update 060916

Market Settles 060816

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