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Daily Market Update June 15, 2017

Early Morning Update

The Jul17 natural gas contract is trading down flat to yesterday’s close at $2.93.  The Jul17 crude contract is down $0.18 at $44.55.


Despite very warm conditions across most of the continental U.S., the Jul17 natural gas contract slid another 3.3 cents in trading on Wednesday to finish the day at $2.933/MMBtu.  The 6-10 and 8-14 day forecasts published by the National Weather Service show below-normal temperatures moving into the Midwest starting the middle of next week, before extending eastward towards the end of the month.  Rig counts continue to increase, particularly in the Permian basin, leading to hope for increased supply as we move into the heart of the peak summer demand period.  Recent mild weather has led to a marginal increase in the end-of-season storage projection, with natural gas inventories now expected to finish very near the 5-year average at 3.85 Tcf.  The market is expecting an 84 Bcf injection when the U.S. Energy Information Administration releases their weekly storage report later this morning, which is higher than last year’s posting of 68 Bcf for the same week, and in-line with the 87 Bcf 5-year average.

Market Update 061517

Market Settles 061417

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