Market Updates

Daily Market Update - May 31, 2016

Daily market update

Early Morning Update

The Jul16 natural gas contract is trading up $.04 to $2.20.  The Jul16 crude contract is up $0.28 at $49.61.

 


Summary

A quiet close to the week as the NYMEX prompt NG contract settled up $.018 to close the week at $2.169.  Very little movement was seen throughout the curve as traders seemed content to start their Memorial Day weekend early.  NG production seems to have stabilized around 70.5 - 71 Bcf/d after falling steadily.  Demand is lower as power burns turn lower due to milder weather conditions.  Temperatures looks to be slightly cooler than average for the next 2 weeks with isolated periods of heat along the west coast.  Estimates for a storage build this week call for an injection in the mid 70’s, well below the 5 year average of 99 Bcf and last years’ build of 126 Bcf.  The slowing pace of production seems to be having a material impact on the end-of-season storage trajectory, as many analysts feel that a storage glut will be avoided.  Estimates for end-October storage now look to be 4.0 - 4.1 Tcf, still a healthy amount of gas in storage but not an amount which is considered to be a glut.

Market Update 053116

Market Settles 052716

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