Daily Market Update May 1, 2017
Early Morning Update
The Jun17 natural gas contract is trading up $0.02 at $3.30. The Jun17 crude contract is down $0.23 at $49.10.Summary
Gas and power market prices continue to hinge on flat lining production and the potentially threatening summer weather. Despite supply temporarily breaking through the 71bcf/d level late last week, the June contract is currently up 3cents from Friday’s close at a two-week high $3.30. Gas demand is up almost 5bcf/d both month –over-month and year-over-year, with about 50% of the increase coming from power burns. The balance of ’17 and calendar strips ’18 – ’20 are up about 3cents from yesterday, the biggest move coming from summer ’18.