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Daily Market Update May 1, 2018

Early Morning Update

The Jun18 natural gas contract is trading up $0.04 at $2.80. The Jun18 crude contract is down $0.67 at $67.90.

 

Summary

The June prompt month lost less than a cent on Monday, as downward pressure from both supply and demand continues to weigh on the market. June 2018 settled down $0.008 to $2.763, the 12-month strip dropped a cent to $2.819, and the 2019 & 2020 calendar strips were essentially flat at $2.721 and $2.703, respectively. Production continued a robust week and reached 78.8 Bcf/d yesterday, more than 10% above 2017 production levels. The conclusion of recent pipeline maintenance activities in Pennsylvania helped alleviate constraints late last week, and has boosted Northeast production by 0.4 Bcf/d. A mild start to May appears to be on the horizon weather-wise as well, as normal to above-normal temperatures dominate the forecast through the first half of the month. Similar demand to last year is expected for the first few weeks, so, coupled with elevated year-over-year production, we should finally see a dent made into the storage deficit for the first time this injection season.

 

Market Update 050118 

Market Settles 043018

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