Market Updates

Daily Market Update - May 5, 2016

Daily market update

Early Morning Update

The Jun16 natural gas contract is flat at $2.14.  The Jun16 crude contract is up $1.78 at $45.56.

 

Summary

After running up early in the day, the NYMEX prompt NG contract saw very little movement for the balance of the day, finishing higher by $.055 to close at $2.141.  Mild weather conditions are forecasted for nearly all the country for the next three weeks which should keep demand low, averaging roughly 67 Bcf/d.  There is some lingering heating demand in the northeast but otherwise conditions are fairly weak.  Total US NG production continues to hover around 71.5 Bcf/d.  All this leads to an estimated build into storage this week in the upper 60’s, in-line with the 5-year average.  Because of the lingering heating demand, the forecast build for next week has been reduced to 50 Bcf, then is forecasted to rebound to 80 Bcf the following week.    

Market Update 050516

Market Settles 050416

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