Market Updates

Daily Market Update - May 19, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading up $0.02 at $2.02.  The Jun16 crude contract is down $0.94 at $47.25. 


The Jun16 natural gas futures contract slipped below the $2.00 mark yesterday, trading as low as $1.994/MMBtu before inching back up to settle at $2.001/MMBtu, down 4.7 cents on the day.  The U.S. Energy Information Administration is scheduled to release their weekly storage report this morning at 10:30.  Storage data for the week to May 13 is expected to show natural gas inventories grew by about 77 Bcf, more than last week, but still less than historical averages.  For the same week last year, stockpiles grew by 98 Bcf, and the five-year average stands at 91 Bcf.  A bearish storage number could help push the prompt month firmly below the $2.00 technical support level.  While the record amount of gas in storage continues to apply downward pressure on natural gas prices, there is plenty of support from slipping production to counter.  U.S. dry production is down to 70.3 Bcf/d today, a drop of 0.4 Bcf/d from yesterday and 3.5 Bcf/d off the record set in February.  Despite the tug-of-war between storage and production, weather remains the primary driver of natural gas prices, and with warmer temperatures anticipated in the eastern half of the U.S., we should see additional pressure to the downside before things heat up as we head into summer.

Market Update 051916

Market Settles 051816

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