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Daily Market Update April 24, 2018

Early Morning Update

The May18 natural gas contract is trading up $0.01 at $2.75. The Jun18 crude contract is up $0.21 at $68.85.



The natural gas market barely budged on Monday, with weak storage tempered by tumbling demand and a more mild weather forecast for the remainder of April. The May prompt month gained a tenth of a cent to settle at $2.74, the 12-month strip moved up $0.001 to $2.85, and the 2019 and 2020 years moved slightly to $2.73 and $2.71, respectively. The weather outlook for the medium term is showing fairly normal temperatures for most of the country outside the West Coast, which mostly maintains its warmer-than-average touch through mid-May. These rising temperatures are causing an inverse effect to demand, which is expected to drop 15% by the end of April compared to the current month-to-date average. Production remains strong, but has fallen slightly in response to lower regional demand in the Northeast. Ongoing pipeline maintenance in the Northeast and Ohio, as well as some in California, could have an effect on short term pricing in the near term, should any other fundamentals shift to a more bullish stance.


Market Update 042418 

Market Settles 042318

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