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Daily Market Update May 22, 2018

Early Morning Update

The Jun18 natural gas contract is trading up $0.03 at $2.84. The Jun18 crude contract is up $0.31 at $72.55.



The natural gas market fell on Monday, reflecting slightly cooler alterations to the short term weather forecast. The June prompt month lost nearly four cents to $2.81/MMBtu, the 12-month strip dropped two cents to $2.867, and 2019 and 2020 stayed relatively flat at $2.749 and $2.692, respectively. While warmer-than-normal temperatures have recently dominated the forecast, there may be some potential cooling in the Southeast in the 10-day forecast, staving off soaring power burns. Compared to 2017, power burns are higher by 9%, and are expected to hit 30 Bcf/d in two weeks. Offsetting those gains is the drop in residential & commercial demand, which is down 14% since last year. Production is ticking back up above 78 Bcf/d after pipeline maintenance activities have died down, but injections into storage inventories are still expected to average in the mid-80s for the next three weeks.



Market Update 052218 

Market Settles 052118

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