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Daily Market Update June 5, 2017

Early Morning Update

The Jul17 natural gas contract is trading down $0.01 at $2.99.  The Jul17 crude contract is down $0.66 at $47.00.


After a bit of volatility during the day on Friday, NYMEX July natural gas futures just barely broke through the $3.00 barrier, ending the trading session down 0.9 cent to settle at $2.999/MMBtu. Bearish fundamentals, such as moderating weather forecasts, which can diminish the amount of heating demand while staving off cooling demand, are expected through the next couple of weeks, along with a higher than expected injection to storage reported last week, continue to put downward pressure on prices. Production is on the rise, averaging 71.6 Bcf/d last week, as well as rig counts, which have almost doubled from the numbers we saw at the low point in 2016. With production on the rise and demand declining, this could significantly alter the natural gas supply/demand balance. Money managers net long positions have depressed to 172,532 contracts from the 234,025 seen last week, according to data from the U.S. Commodity Futures Trading Commission.

Market Update 060517

Market Settles 060217

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