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Daily Market Update July 16, 2018

Early Morning Update

The Aug18 natural gas contract is trading flat to Friday’s close at $2.75. The Aug18 crude contract is down $1.51 at $69.50.

 

 

 


 

 

Summary

On Friday, the August 2018 NYMEX natural gas futures price depressed by 4.5 cents on the day to settle at $2.752/MMBtu. Once again, the 2021-2024 calendar strips reached fresh all-time lows on Friday, as well. Over the next couple of weeks, the eastern half of the country is expected to see some relief from the above-normal temperatures that had dominated the beginning of this summer. Blistering temperatures are now predicted to be contained to the West and Southwest regions of the country. With the expected moderating temperatures for the major U.S. natural gas demand centers, power burn demand levels should also ease from their recent record-high levels. Power generation demand and natural gas production remain limiting factors in prompt month pricing. After reaching a new record of 81.0 Bcf/d for total U.S. dry production last week, production levels have tapered off, but remain healthy, and are edging back up to record levels. So far this month, dry production has averaged 80.6 Bcf/d, up 8.3 Bcf/d over last year at this time.

 

 

 

Market Update 071618

Market Settles 071318

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