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Daily Market Update June 21, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.02 at $2.93.  The Aug17 crude contract is up $0.04 at $43.55.


After dropping a total of 16.2 cents in the prior two trading sessions, the prompt month gained back 1.3 cents yesterday to settle at $2.907/MMBtu. Weather forecasts continue to show lack of bullish support with the 6-10 and 8-14 forecasts still supporting cooler temperatures in the East, which should help the storage building season. However, Tropical Storms Bret and Cindy may have caused traders to pause and reassess current market conditions yesterday. According to the National Hurricane Center, Tropical Storm Bret is expected to remain in the Caribbean Sea for the next few days, and Tropical Storm Cindy is expected to reach southwestern Louisiana and southeastern Texas by tomorrow. Producers in the Gulf of Mexico have reported to be monitoring the storms and shoring up facilities, but there have been no indications of production disruptions yet. Turning attention to longer term, calendar strips 2018-2023 traded anywhere from 1.7 to 3.0 cents higher yesterday. Calendar strips 2018-2020 are now, on average, 28 cents above their all-time lows, and calendar strips 2021-2023 are now, on average, only 11 cents above their all-time lows.

Market Update 062117

Market Settles 062017

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