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Daily Market Update May 16, 2018

Early Morning Update

The Jun18 natural gas contract is trading flat to yesterday’s close at $2.84. The Jun18 crude contract is down $0.36 at $70.95.



The June NYMEX natural gas contract settled at $2.836/MMBtu yesterday, less than a penny lower than Monday’s settlement, as it continues to search for direction with warmer temperatures and shifting market fundamentals. Power burns are already 3.6 Bcf/d higher so far for May 2018 compared to May 2017. Warmer weather and lower natural gas prices year-over-year, incentivizing coal-to-gas switching, are the likely causes. Total U.S. dry natural gas production has slipped slightly from recent highs due to pipeline maintenance, with the biggest constraints on the Millenium Pipeline.  Most of the pipeline maintenance should be completed in the next few weeks in time for summer. Longer-term calendar strip prices were slightly lower yesterday, with calendars 2020-2022 settling below $2.70/MMBtu. Calendars 2021 and 2022 set new all-time trading lows at $2.663 and $2.7096, respectively.


Market Update 051618 

Market Settles 051518

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