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Daily Market Update July 5, 2018

Early Morning Update

The Aug18 natural gas contract is trading up $0.01 at $2.88.  The Aug18 crude contract is up $0.31 at $74.45.

 

Summary

While most people spent the Independence Day holiday relaxing with family and friends, U.S. dry natural gas production did not take a break, hitting a new all-time high of 80.8 Bcf/d yesterday. While higher power burn and elevated demand due to hot weather has slowed storage building recently, robust production could help storage inventories recover at an above-average pace in the coming weeks. Total U.S. demand is up 0.8 Bcf/d from yesterday, with most of that increase coming from higher LNG demand (0.4 Bcf/d) and exports to Mexico (0.2 Bcf/d).  Meanwhile, power burn is easing, down 2.6 Bcf/d from earlier this week to 35.8 Bcf/d today. The Aug18 NYMEX contract settled up 0.8 cent on Tuesday at $2.870/MMBtu. While hot temperatures are offering plenty of price support, record production is keeping a lid on prices, with the prompt month only settling above the $3.00 technical ceiling once in the past five months.  The U.S. Energy Information Administration’s weekly storage report is delayed until tomorrow, with the market currently estimating a 75 Bcf injection for the week to June 28.

 

Market Update 070518 

Market Settles 070318

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