Market Updates

Daily Market Update July 25, 2017

Early Morning Update

The Aug17 natural gas contract is trading up $0.03 at $2.93.  The Sep17 crude contract is up $0.96 at $47.30.

 

Summary

Falling to two-week lows, the August prompt month slid another 7.1 cents to settle at $2.899/MMBtu on Monday. Calendar strips 2021 through 2023 followed suit, and set fresh all-time lows yesterday at $2.767, $2.798, and $2.848, respectively. Bearish fundamentals are headlined by the mild turn in weather for the next two weeks, with all but the West Coast sitting at or below average temperatures. The demand forecast through the first week in August is around 74.1 Bcf/d, nearly a 10% reduction compared to the hottest days last week. Production has eclipsed 2016 values for this time last year, as nationwide numbers creep close to 73 Bcf/d. In particular, Northeast production is leading the way, averaging 24.5 Bcf/d so far for July, which is more than a 2.0 Bcf/d year-over-year increase. This week’s storage is expected to be below average, but with strong production and suppressed demand, the next few weeks may have a more rosy outlook.

 

Market Update 072517

Market Settles 072417

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