Market Updates

Daily Market Update - May 13, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading down $0.06 at $2.09.  The Jun16 crude contract is down $0.70 at $46.00.


Natural gas prices have risen 31% in the last two months, but the rally has stalled recently, as weather moderates and production declines have ebbed.  Upward price pressure due to huge cuts in producers’ capital expenditures and the threat of a hot summer is being tempered by a record amount of gas in storage.  The market appears to be waiting for a clearer sense of direction before continuing to rally or starting to retreat.  The Jun16 natural gas futures contract settled at $2.155/MMBtu yesterday, down just 1.8 cents, after the U.S. Energy Information Administration reported a 56 Bcf growth in storage for the week to May 6.  The build was right in line with market expectations, but much lower than the 101 Bcf injection seen last year for the same week or the 79 Bcf five-year average.  The total amount of gas in storage now stands at 2,681 Bcf, 44% above historical averages.  The large storage surplus is keeping the recent price rally in check.  Prices have been range-bound since April 19, settling between $2.04 and $2.18/MMBtu.

Market Update 051316

Market Settles 051216

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