Market Updates

Daily Market Update - May 20, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading flat to yesterday’s close at $2.04.  The Jun16 crude contract is down $0.21 at $47.94.


Natural gas prices rebounded yesterday after the U.S. Energy Information Administration reported a slightly smaller-than-expected storage injection for the week to May 13.  Before the release of the weekly data yesterday morning, the Jun16 NYMEX contract was trading two cents below the previous day’s close, at just under the $2.00/MMBtu level.  However, once the EIA reported a weekly storage growth of 73 Bcf, about 5 Bcf less than anticipated, the prompt month made steady gains until closing at $2.039/MMBtu, up 3.8 cents on the day.  Storage inventories now stand at 2,754 Bcf, 791 Bcf (40.3%) higher than last year at this time, and 795 Bcf (40.6%) more than the five-year average.  After rallying more than 30% since settling at a 17-year low in early March, natural gas prices have been range-bound between $2.00 and $2.18/MMBtu for the past month.  Production has declined and demand has remained strong, which has prevented natural gas stockpiles from increasing as much as they usually at this time of year.  Weather is still the primary driver of natural gas prices right now, and outlooks for the next couple of weeks project temperatures close to seasonal.

Market Update 052016

Market Settles 051916

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