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Daily Market Update April 19, 2018

Early Morning Update

The May18 natural gas contract is trading down $0.02 at $2.72. The May18 crude contract is up $0.83 at $69.30.

 

Summary

The market continued the sideways trading pattern on Wednesday, with the prompt month finishing down relatively unchanged at $2.739/MMBtu.  Weather forecasts are showing some moderation from recent cold over the next couple of weeks.  Eastern portions of the country are expected to warm up next week and continue near normal into the early part of May.  The gas market has seen very little volatility recently with the 12-month strip trading in a 10-cent range between $2.80 and $2.90 since mid-March.  Trading for the upcoming winter (Nov ’18-Mar ’19) has seen a similar pattern and found resistance to the upside at $3.00.  Bentek Energy’s Supply/Demand Report is projecting a 33 Bcf withdrawal from natural gas inventories when the U.S. Energy Information Administration releases their weekly storage report later this morning.  Estimates for next week are near zero, meaning we could see either a small injection or, yet, another withdrawal.

 

 

Market Update 041918

Market Settles 041818

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