Market Updates

Daily Market Update June 22, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.01 at $2.90. The Aug17 crude contract is up $0.22 at $42.75.

 

Summary

Natural gas prices moved down another 1.4 cents yesterday, dropping to their lowest in three months. The prompt month settled at $2.893/MMBtu on Wednesday, as the market anticipates today’s storage report. Prices plunged on Monday on the heels of cooler weather forecasts, but edged up some on Tuesday. The U.S. Energy Information Administration is scheduled to release their weekly storage data this morning at 10:30, and analysts are expecting an injection smaller than normal. Taking into consideration the hot weather during the reporting week, estimates center around a 57 Bcf storage build for the week to June 16, which is just under last year’s 63 Bcf injection, and much smaller than the 82 Bcf five-year average. While the West remains hot, the rest of the country has cooled, with most of the U.S. returning to close-to-normal temperatures in the 8-14 day outlook. Natural gas production is being closely watched, as well, as the number of working rigs is double what it was last year.

 

Market Update 062217

Market Settles 062117

 

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