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Daily Market Update July 12, 2017

Early Morning Update

The Aug17 natural gas contract is trading down $0.05 at $3.00.  The Aug17 crude contract is up $0.86 at $45.90.



Despite the National Weather Service’s slightly bearish revisions to forecasts yesterday, the NYMEX Aug17 contract gained 11.8 cents (4.03%) to finish at $3.047/MMBtu. Regardless of the revisions to the forecast, strong warmth is anticipated this week for many of the country’s large demand centers along the East Coast. Tomorrow is the hottest day in the near-term forecast for the eastern U.S., with temperatures in New York City, Philadelphia, and Washington, D.C. expected to hit 93, 98, and 100 degrees, respectively. Moreover, U.S. dry natural gas production levels have fallen from their recent high points hit over the holiday; production has not been above 72 Bcf/d since July 5. The drop in production, coupled with the heat wave, has caused some concerns for natural gas storage levels heading into next winter. Even though there are only about 3.5 months left in the injection season, there is a wide disparity in the market for end-of-season storage estimates, ranging from 3.65-3.94 Tcf. The EIA’s predictions are on the high end of the range, estimating that storage levels will be 3.94 Tcf at the end of October 2017, which would be 2% higher than the five-year average and 2% lower than last year. 


Market Update 071217 

Market Settles 071117

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