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Daily Market Update April 30, 2018

Early Morning Update

The Jun18 natural gas contract is trading down $0.03 at $2.74. The Jun18 crude contract is down $0.70 at $67.40.

 

Summary

In its debut as the prompt month on Friday, the Jun18 NYMEX natural gas futures price fell by 6.8 cents on the day to settle at $2.771/MMBtu. The 2021 calendar strip hit an all-time low on Friday of $2.724MMBtu.  The larger-than-expected storage withdrawal trend continued last week for the third week in row, and has led to some concern in the market for the end-of-injection season levels going into next winter. Injections into storage are anticipated to begin with this upcoming week’s report for the week ending April 27th. Overall U.S. demand for natural gas in April has remained preeminent throughout this month, about 10 Bcf/d above last year’s levels. Weather forecasts over the next couple of weeks moderate for the majority of the country, and demand for natural gas is expected to depress. As demand weakens, supply should remain robust. U.S. production remains at a healthy level, and is projected to average just over 78 Bcf/d.

 

Market Update 043018 

Market Settles 042718

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