Market Updates

Daily Market Update May 25, 2017

Early Morning Update

The Jun17 natural gas contract is trading up $0.02 at $3.23.  The Jul17 crude contract is down $0.66 at $50.70.

 

Summary

Following a steep decline in prices in the prior session, trading was lighter than normal on Wednesday, as the market appears to be looking for direction.  The Jun17 natural gas contract ticked higher heading into the lunch hour yesterday, before losing momentum and finishing the day down a penny at $3.209/MMBtu.  The latest National Weather Service outlooks for the 6-10 and 8-14 day periods show below-average temperatures across the central U.S. and parts of the Northeast,  and above-average temperatures in the West and along the East Coast.  While not extreme, the forecasts are expected to cause increased weather-related demand, limiting the amount of gas available to be injected into storage in the coming weeks.  The market is expecting a 68 Bcf injection later this morning when the U.S. Energy Information Administration releases their Weekly Natural Gas Storage Report.  This result would be below last year’s injection of 71 Bcf for the same week and the 5-year average injection of 90 Bcf, further tightening supplies when compared to these key benchmarks.


Market Update 052517

Market Settles 052417

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