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Daily Market Update July 24, 2017

Early Morning Update

The Aug17 natural gas contract is trading down $0.02 at $2.95.  The Sep17 crude contract is up $0.38 at $46.15.



On Friday, NYMEX natural gas futures price for August ended the trading session up 7.3 cents at $2.970/MMBtu, bouncing back from a  low last week of $2.938/MMBtu. Prices fell last week due mostly to a dip in cooling demand, as weather forecasts expect the next couple of weeks to see average and lower-than-normal temperatures for the majority of the country.  Production continues to edge up, averaging 72.8 Bcf/d over the weekend and 73.0 Bcf/d projected for today. Last week, power burn hit its highest level of the year so far at 42.5 Bcf/d. With the expected weakening in cooling demand, there is the possibility for improved storage building over the next few weeks. This would be an improvement from the past couple of weeks, that came in with lower-than-expected injection numbers due to above-normal temperatures, and is providing increased support for a relatively healthy number for end-of-season storage stockpiles.  The EIA is calling for an end-of-season inventory level of 3.94 Tcf, which is greater than the 3.8 Tcf expected by the American Gas Association.


 Market Update 072417 

Market Settles 072117

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