Market Updates

Daily Market Update June 7, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.02 at $3.06.  The Jul17 crude contract is down $0.51 at $47.68.

Summary

After a five day streak of losses, the July 2017 NYMEX NG contract gained six cents yesterday to settle at $3.042/MMBtu. This week’s weather forecasts indicate a bearish outlook, but expect a rapid warm up and the first real taste of summer next week. The average high temperature forecast for the PJM region is 90 degrees next week. The heat could support increased natural gas demand as electric generators meet air conditioning demand. Outside of weather fundamentally supporting yesterday’s gains, most analysts believe technical trading and bargain hunting were the likely causes for yesterday’s gains.

Market Update 060717

Market Settles 060617

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