Market Updates

Daily Market Update June 1, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.04 at $3.11.  The Jul17 crude contract is up $0.08 at $48.40.

 

Summary

Cooler weather and steady production continue to weigh heavily on natural gas prices, as the prompt month sunk lower on Wednesday.  The NYMEX natural gas contract for July deliveries dropped another 7.4 cents yesterday, settling at $3.071/MMBtu, having fallen more than 5% (16.5 cents) in just two days of trading since the Memorial Day holiday.  Associated gas from oil rigs is expected to put further pressure on prices, with the number of working rigs doubling from a year ago.  The cooler temperatures and resulting lower demand, along with continually improving natural gas production, should help improve the pace of storage building in the weeks to come, but not before a below-average injection is reported this morning by the U.S. Energy Information Administration.  Bentek’s Supply and Demand Daily report is estimating a 71 Bcf growth in storage inventories for the week to May 26, which is bullish compared to the 80 Bcf build seen last year for the same week, as well as the 97 Bcf five-year average.


Market Update 060117

Market Settles 053117

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