Market Updates

Daily Market Update June 26, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.05 at $2.98. The Aug17 crude contract is up $0.24 at $43.25.

 

Summary

On Friday, NYMEX natural gas futures prices for July ended the trading session up 3.5 cents at $2.929/MMBtu. These gains were seen in spite of some bearish fundamentals, such as the higher-than-expected injection into storage last week and moderating weather forecasts, which should soften the amount of cooling demand. This was the fifth consecutive week, however, that saw prices finish the week down and unable to gain back losses seen from the beginning of the week. The National Weather Service has reported that Tropical Storm Cindy was downgraded from its tropical storm status to a tropical depression, with substantial rainy conditions remaining in the Southeast. While storage injections have been relatively moderate these past few weeks, the market is unsure how Tropical Storm Cindy will affect the injection for the week ending June 23rd. The end-of-season storage projection has been revised up to 3.84 Tcf, and if that holds true, this will be a healthy amount of natural gas in inventory as we head into the winter months.

 

Market Update 062617

Market Settles 062317

 

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