Market Updates

Daily Market Update May 26, 2017

Early Morning Update

The Jun17 natural gas contract is trading flat to yesterday’s close at $3.18.  The Jul17 crude contract is down $0.30 at $48.60.

 

Summary

Natural gas prices fell for the third straight day yesterday, after the U.S. Energy Information Administration reported that storage stockpiles grew more than expected for the week to May 19.  The market had anticipated a storage increase of 68-72 Bcf, but EIA data showed a 75 Bcf injection for the reporting week.  Total storage levels now stand at 2,444 Bcf, 371 Bcf (13%) below last year at this time, and 241 Bcf (11%) above the five-year average.  The prompt month fell 2.5 cents on Thursday, settling at $3.184/MMBtu, and is down almost 5% since Monday.  There is plenty of upside potential for natural gas prices, as warmer-than-normal temperatures return to large portions of the country in early June and the slow pace of storage-building is expected to continue.  The next three storage injections are projected to be 75-80 Bcf less than the five-year average, and the current surplus is expected to revert to a deficit by September.  Analysts are envisioning an end-of-season storage level of 3.6-3.7 Tcf, far below last year’s all-time high of 4,047 Bcf, as well as the 3,873 Bcf average storage level before winter withdrawals begin.


Market Update 052617

Market Settles 052517

Set your ZIP code and utility

Enter a valid ZIP code
Unfortunately, we don't currently service this area. Please try another ZIP code.

Loading please wait...

Don't see your utility?

We currently only provide service to the listed utilities. For question, please contact 1-888-925-9115.

Loading...

54.82.81.154