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Daily Market Update June 15, 2018

Early Morning Update

The Jul18 natural gas contract is trading up $0.02 at $2.99. The Jul18 crude contract is down $0.19 at $66.70.

 

Summary

Despite a very bearish storage injection reported by the U.S. Energy Information Administration, the prompt month natural gas contract barely budged yesterday, as the market expects very strong demand for gas due to hot weather, especially in the East and Midwest.  In the week to June 8, storage inventories grew by 96 Bcf, which was much higher than the 88 Bcf estimated by market analysts, and helped pare the deficit to last year down to 785 Bcf (29%), as well as trim the deficit to the five-year average down to 507 Bcf (21%).  The Jul18 NYMEX natural gas dropped about two cents on the news, but regained that throughout the day, and ultimately settled at $2.965/MMBtu, up just 0.2 cent from Wednesday’s settle.  The prompt month has been range-bound between $2.70 and $2.97 for the last two months, and in spite of warmer-than-normal weather and high demand, has been unable to break through the $3.00 ceiling so far.  Production has been strong, though, averaging 77.6 Bcf/d this past week, and is expected to climb to 77.9 Bcf/d over the next week.

 

 

Market Update 061518

Market Settles 061418

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