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Daily Market Update May 19, 2017

Early Morning Update

The Jun17 natural gas contract is up $0.02 at $3.20.  The Jun17 crude contract is up $0.64 at $49.99.



The EIA reported a larger than expected build into storage yesterday of 68 bcf.  The market largely shrugged off the report and ended the day quietly, with the prompt down only $.01 to close at $3.182.  We’re seeing some slight increases in NG production, which is a good sign.  We’re now near 72 Bcf/d, after being between 70-71 for months.  Whether this is a short-term blip or if we’re on a path to steady growth remains to be seen.  However, the NG rig count has been increasing, so maybe it’s just a matter of time.  The latest rig count shows 172 active rigs, up from 132 at the beginning of the year.  
Aside from NG, we’re also seeing signs of a rebound in the coal industry as hedge funds increase their holdings in the coal sector.  Whether this brings change to the coal industry remains to be seen, but it could potentially be taken as a sign of greater health after a difficult  stretch.

Market Update 051917

Market Settles 051817

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