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Daily Market Update July 11, 2018

Early Morning Update

The Aug18 natural gas contract is trading up $0.02 at $2.81. The Aug18 crude contract is down $0.81 at $73.30.




After trading in a range of $2.78 to $2.835/MMBtu, the August 2018 natural gas contract continued its decent yesterday, losing another four cents and settling at $2.788/MMBtu. With revisions to weather outlooks by the National Weather Service indicating slightly more bearish conditions in the 6-10 and 8-14 day outlooks, weather continues to be a primary driver of near-term natural gas movements. U.S. dry natural gas production has slipped recently from the 81 Bcf/d high, set on July 8. However, the U.S. Energy Information Administration raised their natural gas production estimates for the remainder of this year. In the EIA’s latest “Short-Term Energy Outlook” published yesterday, 2018 production is estimated to average 81.3 Bcf/d, and 2019, 84.5 Bcf/d. Calendar strip natural gas prices also traded lower yesterday, with 2021-2023 setting, once again, fresh all-time lows. Calendars 2019-2024 are all under $2.80, ranging from $2.77-$2.60.


Market Update 071118

Market Settles 071018

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