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Daily Market Update May 17, 2018

Early Morning Update

The Jun18 natural gas contract is trading down $0.01 at $2.80. The Jun18 crude contract is up $0.56 at $72.05.

 

Summary

Trading was fairly quiet on Wednesday, with the prompt contract settling down 2.1 cents at $2.815/MMBtu.  Weather outlooks for the U.S. remain well above normal for the next several weeks.  Warm weather, sustained high production, and low pricing have led to today’s bearish storage expectation, which is hovering around 105 Bcf.   This projection is well above the injections from both last year for the corresponding week (64 Bcf), as well as the five-year average (87 Bcf).  Despite higher-than-normal power burns, gas calendar strips for ’19-’23 continue to set new lows.  All strips are at or below about $2.78. The 12-month strips for CA, TX, NY, and NE all remain elevated as we draw closer to summer.  The same term for PJM east and west is flat day-over-day, while MISO pricing continues to fall.

 

Market Update 051718 

Market Settles 051618

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