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Daily Market Update July 25, 2018

Early Morning Update

The Aug18 natural gas contract is trading up $0.04 at $2.77. The Sep18 crude contract is up $0.23 at $68.75.

 

 

 

Summary

Searching for direction, the August NYMEX natural gas contract gained back 1.1 cents yesterday to settle at $2.732/MMBtu, after trading in a tight range between $2.710 and $2.743. Pipeline maintenance projects aimed at bringing additional pipeline capacity online has limited production growth in the near-term. Despite this, dry natural gas production hit a new record high on July 23 at 81.1 Bcf/d, but dropped ~1.0 Bcf/d yesterday. The National Weather Service revised outlooks to slightly more bullish yesterday, decreasing the probability of below-normal temperatures in the Midwest (6-10 day outlook) and Southeast (8-14 day outlook).  This could limit future injections into natural gas storage, which currently sits at 2.249 Tcf, a 24% deficit to last year and 19% deficit to the 5-year average. With the August 2018 NYMEX natural gas contract set to expire this Friday, more volatility could be in store for the prompt month later this week.

 

 

Market Update 072518

Market Settles 072418

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