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Daily Market Update June 5, 2018

Early Morning Update

The Jul18 natural gas contract is down $.03 at $2.90. The Jul18 crude contract is down $0.20 at $64.55.



The natural gas market slipped with lower demand over the weekend and on Monday, with the prompt month of July falling three cents to $2.93/MMBtu. The 12-month strip lost two cents to $2.914, 2019 went down nearly two cents to $2.792, and 2020 fell over a cent to $2.693. The 2021-2023 calendar strips hit all-time lows (again!) yesterday, at $2.66, $2.67, and $2.71, respectively. Temperatures across the country are varied over the 20-day forecast, with above-normal temperatures dominating the West and Midwest forecast, and the East Coast showing moderate, normal temperatures overall. Demand is expected to continue slightly above last June’s average, by about 7%. This is being mainly driven by power burn, which is running 10% higher than 2017. Production is not expected to move significantly from current levels of 77-78 Bcf/d, which could limit injections into storage and the ability to overcome the sizeable current storage deficit.



Market Update 060518 

Market Settles 060418

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