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Daily Market Update June 25, 2018

Early Morning Update

The Jul18 natural gas contract is trading down $0.04 at $2.91. The Aug18 crude contract is up $0.32 at $68.90.

 

Summary

On Friday, the July 2018 NYMEX natural gas futures price fell by three cents on the day to settle at $2.945/MMBtu. Due to slightly bearish fundamentals recently, we have seen some weakening in prompt month pricing, after rising above the $3.00/MMBtu technical level about a week ago. Bullish weather forecasts are showing continued warmth over the next couple of weeks into July, predominately in the Midwest and Northeast, with brief heat in the South and West. Demand for gas had recently dropped due to moderating temperatures, but still remains elevated compared to this time last year, and is expected to push higher with the coming heat. Due to warmer temperatures, we have also seen bolstered demand for natural gas in the power generation sector to support cooling demand. Yesterday, U.S. dry production hit a new all-time high of 79.8 Bcf/d, while Northeast production continues to climb to record high levels, and is about 15% greater than where it was just a year ago.

 

Market Update 062518 

Market Settles 062218

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