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Daily Market Update May 8, 2017

Early Morning Update

The Jun17 natural gas contract is trading down $0.06 at $3.20.  The Jun17 crude contract is down $0.32 at $45.90.



So far, the market has seen bullish and bearish fundamentals that have caused prices to fluctuate more than normal for this time of the year. After losing 4.2 cents to close at $3.186/MMBtu on Thursday, NYMEX June futures gained eight cents throughout the day on Friday to settle at $3.266/MMBtu. Friday prices rose due to colder weather forecasts seen throughout the Northeast, which may mean some continued late season heating demand.  The U.S. Energy Information Administration showed a total rise in U.S. consumption of 3% week-on-week, with a larger rise in power burns of 9%. Increased demand for this time of the year could add pressure to the already tightening supply during a time of the year where natural gas demand is typically low. Production continues to be stagnant around 71 Bcf/d. If this trend continues, it will be interesting to see if there will be continued upward pressure on prices, especially if we see increases in demand from the power generation sector as we get closer to summer.

Market Update 050817

Market Settles 050517

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