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Daily Market Update April 19, 2017

Early Morning Update

The May17 natural gas contract is trading up $0.05 at $3.19.  The May17 crude contract is up $0.09 at $52.50.



The natural gas prompt month continued to slide yesterday, as near-term weather forecasts remain bearish. The May17 NYMEX contract settled at $3.145/MMBtu, down 1.8 cents from Monday’s close. Yesterday’s losses were confined to the near-term (prompt month through Q1 2018), while months beyond Q1 2018 increased by 3 cents, on average. Another near-term wane on U.S demand during this shoulder season is exports to Mexico. Net exports to Mexico have averaged close to 4 Bcf/d in 2017, but dropped below 3 Bcf/d on Monday due to maintenance. Despite the downturn in near-term prices, U.S. dry natural gas production remains stagnant and possibly even on the decline. Recent U.S. dry natural gas production reports are closer to 70 Bcf/day, which is in the bottom of the 2017 range. Estimates for this week and next week’s EIA storage reports predict higher injections than both last year and the five year average, which should help to relieve the 17% deficit to last year’s storage levels. Traders will continue to closely watch U.S. dry natural gas production and EIA natural gas storage reports during this shoulder season.

Market Update 041917

Market Settles 041817

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