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Daily Market Update July 11, 2017

Early Morning Update

The Aug17 natural gas contract is trading up $0.05 at $2.98.  The Aug17 crude contract is down $0.50 at $43.90.

 

Summary

Heat envelops most of the country in fresh short-term forecasts, and August gas futures rose on Monday in tandem with the expected temperatures. The prompt month increased over six cents from Friday’s settle to finish at $2.929/MMBtu, the 12-month strip ticked up nearly six cents, as well, to finish just under $3.00, and outer calendar years gained between one and four cents. The six-to-fourteen day forecasts show above average temperatures for nearly the entire country, save a few pockets in the Southwest, Northeast, and Mid-Atlantic. Power generation has already bolstered week-over-week gas demand numbers with a 7% gain last week, and those numbers will likely only increase as air conditioners continue to work overtime across the country. Storage levels remain solidly between last year and five-year average stocks, and are predicted to stay there despite the potentially feeble report expected this week.

 

Market Update 071117

Market Settles 071017

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