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Daily Market Update June 28, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.02 at $3.06.  The Aug17 crude contract is down $0.14 at $44.10.




Supported by the National Weather Service’s 6-10 and 8-14 day weather outlooks predicting warmer-than-average temperatures blanketing the country, the NYMEX prompt month held steady above $3.00 yesterday. On it’s second to last day of trading, the contract gained a penny, settling at $3.037/MMBtu. Longer-term contracts were mostly unchanged yesterday. If the prompt month rallies today, it will mark the eighth consecutive month of a prompt month rally on its final trading day. Tropical storm season is underway with three storms developing early in the season this year, Arlene, Bret, and Cindy. Tropical Storm Cindy triggered shut-ins of about 10.1 MMcf/d of Gulf of Mexico natural gas production last week. Those shut-ins will have an impact on the EIA’s storage data for the week to June 23, which will be released tomorrow morning at 10:30am. Current expectations for tomorrow’s report are centered around a 50 Bcf injection.


Market Update 062817

Market Settles 062717

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