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Daily Market Update June 20, 2017

Early Morning Update

The Jul17 natural gas contract is trading down $0.01 at $2.88.  The Jul17 crude contract is down $1.10 at $43.10.


As cooler near-term weather updates were released on Monday morning, the July prompt month was sent careening downward 14 cents to settle at $2.894/MMBtu for the day. The next two weeks show average and below-average temperatures for the majority of the East and Midwest, tinging upcoming power burn demand levels with a bearish sentiment. There are also multiple potential tropical storm systems forming in both the tropics and the Gulf of Mexico, providing additional downward pull on demand. Managed money has also played a part in the recent fickleness in the market. After building record high net bullish positions earlier this spring, investors have been selling them off for the past four straight weeks, creating a trading environment that can rapidly shift in any direction.

Market Update 062017

Market Settles 061917

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