Market Updates

Daily Market Update May 23, 2017

Early Morning Update

The Jun17 natural gas contract is trading down $0.03 at $3.30.  The Jul17 crude contract is down $0.08 at $51.05.

 

Summary

A glimmer of possible augmented demand over the next two weeks sparked gains in the natural gas prompt month, raising June 2017 prices over seven cents to $3.33/MMBtu. Over the past two sessions, the prompt month has gained over 4%, and is approaching its highest levels since January. A mix of below- and above-average temperatures is driving demand forecasts, indicating some late season heating and early season cooling load. The eastern and southern U.S. is expected to show warmer-than-average temperatures over the 6-to-14 days forecasts, while cooler temperatures dominate the central U.S. Looking ahead to June, natural gas storage levels may be of increasing concern if the current warmer-than-average outlook holds true. The next three weeks are forecasted to come in lower than historical values, narrowing the surplus to five-year average inventory levels. Natural gas storage availability is not being helped by virtually immobile production numbers, despite rising rig counts and more attractive prices.


Market Update 052317

Market Settles 052217

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