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Daily Market Update June 29, 2018

Early Morning Update

The Aug18 natural gas contract is trading down $0.02 at $2.92.  The Aug18 crude contract is up $0.81 at $74.26.

 

Summary

The NYMEX prompt ticked a little lower yesterday despite a somewhat disappointing storage report.  The EIA reported a build of just 66 Bcf into storage, which might have otherwise sent the market higher (expectations were in the low 70’s) but there was a revision to the prior week, which added another 4 bcf.  So the next injection was 70 Bcf and the market decided that was good enough.  The prompt month has been flirting with the $3.00 level but unable to sustain trading above it.  The very hot forecasted temperatures are the driving force behind the higher prices, but they have not been enough to push pricing above the key resistance level.  On the supply side, we have broken another record with dry gas production at 80.1 Bcf/d yesterday.  With high temperatures forecasted for the next two weeks, it appears as though power burns will remain elevated and storage injections may be lower.

 

 

Market Update 062918 

Market Settles 062818

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