Market Updates

Daily Market Update June 16, 2017

Early Morning Update

The Jul17 natural gas contract is trading down flat to yesterday’s close at $3.06.  The Jul17 crude contract is up $0.39 at $44.85.

Summary

Natural gas prices did an about-face yesterday, after the U.S. Energy Information Administration reported that storage inventories did not grow nearly as much as most analysts expected.  EIA data showed that natural gas stockpiles increased by 78 Bcf in the week to June 9.  Injection estimates ranged from 80 to 95 Bcf, with consensus formed around an 88 Bcf build.  Although the storage increase was larger than last year’s 68 Bcf injection for the same week, it fell short of the 87 Bcf five-year average.  The Jul17 natural gas futures contract, which had been trading pretty close to Wednesday’s settlement before the storage data was released, jumped up seven cents on the news, and continued to run throughout the afternoon, eventually settling above $3.00 at $3.056/MMBtu, a day-over-day increase of 12.3 cents (4.2%).  This comes after a long series of declines which saw the prompt month hit a three-month low on Wednesday.  With the exception of April 2019 - March 2020, the rest of the curve out through April 2025 also saw gains, although to a much lesser degree.

Market Update 061617

Market Settles 061517

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