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Daily Market Update May 22, 2017

Early Morning Update

The Jun17 natural gas contract is up $0.05 at $3.30.  The Jun17 crude contract is up $0.62 at $50.95.



After the downward trend seen throughout the majority of last week, the NYMEX June future contract closed up 7.4 cents at $3.256/MMBtu. Storage numbers could have led to this upward pressure on price, with the supply final number coming in at 2,369 Bcf, which was 375 Bcf lower than last year and shortened the gap between the five year average to 256 Bcf. Weather forecasts for the next couple of weeks are once again showing cooler than normal temperatures in the Northeast, and slightly above normal temperatures in lower portion of the U.S.  We are finally starting to see a slight uptick in production at just over 71 Bcf/d which could be the result of the continued increase in rig counts. Managed Money positions are still bullish to 245,640, which is the highest seen since 2006.

Market Update 052217

Market Settles 051917

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