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Daily Market Update July 3, 2018

Early Morning Update

The Aug18 natural gas contract is flat at $2.86.  The Aug18 crude contract is up $0.86 at $74.80.

 

Summary

The natural gas market softened on the week’s first day of trading, losing steam on another day of record production. The August prompt moth dropped 6 cents to $2.862, the 12-month strip lost nearly 4 cents to $2.848, 2019 went down by 2 cents to $2.782, and 2020 slightly dipped less than a cent to $2.691. Production ended up at 80.7 bcf yesterday, a new all-time high, and 0.3 bcf higher than the previous day’s record. Strong production is expected to carry through the next two weeks, at an average of 80 bcf/d, which is about a 10% increase from last July.  Demand also remains strong, nearly solely fueled by a 7 bcf/d year-over-year increase in power burn and 50% increase in LNG exports. Weather looks to moderate after this week, with more normal temperatures expected in the Midwest and East Coast through the third week in July. The West Coast, however, will be starting to heat up and will see moderately above normal temperatures throughout the 20-day forecast.    

 

Market Update 07318 

Market Settles 070218

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