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Daily Market Update July 30, 2018

Early Morning Update

The Sep18 natural gas contract is trading flat to Friday’s close at $2.78.  The Sep18 crude contract is up $1.61 at $70.30.

 
 
 

Summary

On Friday, the August 2018 NYMEX natural gas futures price surged higher on its final day of trading by 4.2 cents, eventually settling at $2.822/MMBtu. After trading between $2.769 and $2.831 throughout the day, the August contract ultimately felt the upward pressure from the previous day’s lower-than-expected injection into storage, and continued the historical trend of moving up on its last day of trading. As the storage deficit to historical benchmarks continues to remain wide, there has been some relief recently in natural gas demand for power generation. Overall U.S. power burn levels have fallen about 2.7 Bcf/d over this past weekend. U.S. dry production remains at healthy levels, falling slightly recently, but averaging over 80 Bcf/d. The 1-5 day weather forecast shows some relief from the warmth in the Mid-con region. However, looking further out over the next couple of weeks into August, sweltering heat returns to the Northeast, a major demand center for natural gas. With the return of warmth to the U.S. during August, there is some concern in the market for end-of-season storage levels heading into this upcoming winter.

 

 

Market Update 073018

Market Settles 072718

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