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Daily Market Update July 27, 2018

Early Morning Update

The Aug18 natural gas contract is trading up $0.02 at $2.80. The Sep18 crude contract is down $0.10 at $69.51.





After another disappointing storage report, the market initially rallied but then slipped in the afternoon to close nearly flat on the day.  
Weather forecasts continue to show pockets of very warm temperatures although Texas and the northeast have moderated a bit which indicates lower power burns.  In fact, power burn demand has dropped 1.5 Bcf over the last day with the moderating temps.  On the supply side, production has slipped a bit from the record levels.  But the overall effect has led to low injections over the past two weeks, both below expectations.  This had led the end/summer storage estimate to continue to fall, now at 3.47 Tcf.  If that holds, we’ll enter withdrawal season with ~300 Bcf less gas than last year and ~400 Bcf less than the 5-year average



Market Update 072718

Market Settles 072618

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