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Daily Market Update April 28, 2017

Early Morning Update

The Jun17 natural gas contract is trading up $0.02 at $3.25.  The Jun17 crude contract is up $0.60 at $49.58.


The prompt NG market traded in a tight range during a relatively quiet trading session.  The EIA reported an as-expected 74 Bcf injection into storage which initially caused the market to bump up by a few cents, but it quickly retreated to it’s pre-storage levels and that’s where it ultimately closed.  The market is keenly focused on weather forecasts for the upcoming summer as the amount of cooling demand could influence the  end-of-summer storage levels.  The market currently sees that number as roughly 3.7 Tcf, far below last year and even below the 5-year average.  The current price for NG Jan-Feb ’18, $3.61, is elevated because of these forecasted low storage levels.  But there is genuine concern that a very cold winter, when starting with lower storage levels could be an issue.  So the ultimate amount of NG production and power burns for the balance of the year will be closely watched to see how it impacts pricing for next winter.

Market Update 042817

Market Settles 042717

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