Market Updates

Daily Market Update - May 24, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is trading up $0.01 at $2.07.  The Jul16 crude contract is up $0.42 at $48.50.

Summary

Although weather forecasts turned warmer, indicating a probable uptick in demand on the horizon, the Jun16 natural gas contract settled marginally lower in this week’s opening session.  The latest forecasts from the National Weather Service show warmer-than-normal temperatures across the eastern two-thirds of the country, which could bring on significant cooling demand.  Yesterday, the prompt month lost 0.7 cent, settling at $2.055/MMBtu.  Production continues its slide, with Bentek projecting a drop of 0.8 Bcf/d today, bringing total U.S. dry production to 70.3 Bcf/d.  If that figure stands, it will mark a new year-to-date low.  The amount of gas used for power generation increased 2.3 Bcf/d day-over-day to 26.7 Bcf/d today.  Overall, the supply/demand balance continues to tighten.  Near-term natural gas prices (through Jan17) all edged slightly lower, while longer-term prices (Feb17 through Mar21) inched up.

Market Update 052416

Market Settles 052316

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