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Daily Market Update July 18, 2018

Early Morning Update

The Aug18 natural gas contract is trading up $0.01 at $2.75.  The Aug18 crude contract is down $0.43 at $67.65.




After posting a modest gain of less than a penny to start the week, the NYMEX NG prompt month fell 1.9 cents yesterday to settle at $2.740/MMBtu. The National Weather Service made slight revisions to their 6-10 and 8-14 day outlooks yesterday, predicting a greater probability for below-average temperatures for the North Central U.S., indicating weather continues to be a primary driver of near-term natural gas movements. Also yesterday, the Commerce Department's Bureau of Industry and Security denied Plains All American’s Cactus II request for exemption from the 25% steel tariff imposed by the Trump administration in January of this year. Cactus II, a $1.1 billion project, is a major crude oil pipeline expected to come online in H2 of 2019. According to Plains, the project will move forward despite the denial. This decision could set precedence and have a significant impact on the pipeline industry, as there are still many pipeline projects in the works. Despite this news, calendar strips 2019-2024 continued their decent yesterday, with 2020-2024 setting new all-time lows for the third consecutive trading day; 2021 and 2022 are both under $2.60/MMBtu!



Market Update 071818

Market Settles 071718

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