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Daily Market Update June 21, 2018

Early Morning Update

The Jul18 natural gas contract is trading up $0.03 at $2.99. The Jul18 crude contract is down $0.71 at $65.00.

 

Summary

Natural gas prices rallied in trading on Wednesday to erase the losses from the previous session, gaining six cents to close at $2.964/MMBtu. The market is expecting an 85 Bcf injection into storage when the U.S. Energy Information Administration publishes their weekly report later this morning.  This week’s injection is expected to be right in line with the 5-year average, providing no improvement to the storage deficit, which currently stands at roughly 20% when compared to the 5-year average. As the summer wears on, we may continue to see upward pressure on near-term prices if the storage deficit remains in place with little improvement. Production is expected to continue to tick higher, so market participants will be watching these production figures closely to determine fair value for the upcoming winter period.

 

 

Market Update 062118 

Market Settles 062018

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