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Daily Market Update June 6, 2018

Early Morning Update

The Jul18 natural gas contract is trading down $0.01 at $2.88. The Jul18 crude contract is down $0.42 at $65.10.

 

Summary

After trading in a range of $2.87 to $2.93, searching for direction, the July NG NYMEX contract settled back below $2.90 for the first time since May 20, at $2.89/MMBtu yesterday, 0.4 cents lower than Monday's settlement. U.S. natural gas demand has waned since the start of June, primarily due to moderating temperatures attributing to lower power burn, natural gas demand for electricity generation. Near-term downside could be limited, as the National Weather Service revised forecasts warmer day-over-day. Most analysts also believe industrial demand growth could be just around the corner. The latest buzz in the market is a draft memo advocating the DOE save at-risk coal and nuclear generators from retiring, and was allegedly considered at a recent National Security Council meeting. Depending on the result, this could impact future power burn demand. Since the news hit the market late last week, NG calendar strips have traded down 1-2 cents. Prices for calendar strips 2020-2024 remain at or near all-time lows.

 

 

Market Update 060618 

Market Settles 060518

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