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Daily Market Update July 2, 2018

Early Morning Update

The Aug18 natural gas contract is trading down $0.04 at $2.88.  The Aug18 crude contract is down $0.45 at $73.70.

 

Summary

On Friday, the August 2018 NYMEX natural gas futures price for the month fell by 1.6 cents on the day to settle at $2.924/MMBtu. June came in as the second hottest on record nationally, just behind the heat we saw back in June 2010. Total demand levels for June were about 3.25 Bcf higher than the average demand over the past three years. Bullish weather forecasts to start July appear to be overshadowed by the recent surge in US dry production levels which hit a new record of 80.1 Bcf on Thursday. The trend is expected to last with anticipation that production with average about 80 Bcf/d over the next couple of weeks, and will hopefully begin to close the gap on natural gas storage levels and support larger injections while meeting summer demand. With the recent heat for major demand centers we are seeing bolstered demand for natural gas in the power-burn sector which is expected to climb over 36 Bcf/d in the next week. 

 

Market Update 07218 

Market Settles 062918

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