Market Updates

Daily Market Update - May 10, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading up $0.05 at $2.15.  The Jun16 crude contract is up $0.40 at $43.84.

Summary

Despite trading as high as $2.126 and as low as $2.080, the Jun16 natural gas contract finished this week’s opening session virtually unchanged from Friday’s close, settling at $2.098/MMBtu, down just 0.3 cent.  Weather is back in the driver seat as the key fundamental influencing price direction, and it looks like we’ll see some increased support as temperatures dip below historical averages in the Northeast, across the Mid-Atlantic, through the Midwest, and into a large portion of the central U.S. in the 6-10 day outlook.  The anticipated boost in demand will most likely keep natural gas storage building at a slower pace than last year and the five-year average.  Storage stockpiles have increased by 145 Bcf so far this year, which compares to a 183 Bcf five-year average and 292 Bcf during the same period last year.  But, although weather looks bullish in the short term, data from the U.S. Commodity Futures Trading Commission suggest more price weakness.  Noncommercial traders put on 23,491 new short positions and closed 1,097 long positions in the week ended May 3, while managed money added 21,238 contracts to their net short position and sold off 3,092 longs.

Market Update 051016

Market Settles 050916

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