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Daily Market Update June 6, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.06 at $3.04.  The Jul17 crude contract is down $0.20 at $47.20.


Natural gas continued its five-day slump yesterday, as July futures lost 1.7 cents to settle at $2.982/MMBtu. This is the lowest prompt month settlement price since March, with prices falling nearly 8% in the same five-day period. Bullish bets have been losing steam, with cooler-than-normal weather slashing power burn by 15%, and cooling related demand by nearly 20% of last year’s numbers. A warm-up along the East Coast in the eight-to-fourteen day forecast could decelerate the higher than historical injections into natural gas storage over the coming weeks, but strong rig counts and motivated producers may bolster the recently stagnant production levels. While demand has been lagging as of late, future pulls on U.S. natural gas stores are expected to increase over 11 Bcf/d in the next decade. Global LNG exports account for the majority of the rise, at nearly 10 Bcf/d, and exports to Mexico are projected to tick up by nearly 2 Bcf/d.

Market Update 060617

Market Settles 060517

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