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Daily Market Update May 30, 2018

Early Morning Update

The Jul18 natural gas contract is trading down $0.03 at $2.87. The Jul18 crude contract is up $0.32 at $67.05.

 

Summary

On its final day of trading, the June NYMEX natural gas contract traded in a range between $2.838-$2.968/MMBtu, before ultimately expiring at $2.875/MMBtu, 6.4 cents lower on the day. Yesterday marked the first time in six months that the prompt month slid on expiration day. July 2018 now holds the position as prompt month, and traded similarly yesterday, settling six cents lower on the day at $2.903/MMBtu. The National Weather Service’s 6-10 and 8-14 day outlooks are slightly more bearish than prior outlooks, indicating below-normal temperatures for the Northeast, and lowered the probability for above-average temperatures for the Southwest and West coast.  Further, subtropical storm Alberto arrived in Florida on Monday, depressing demand through rainfall and lower temperatures. Production remains steady, just under 79 Bcf/d, and Baker Hughes’ rig count data indicates an increasing number of rigs, promising news for production growth, which should help to alleviate some of the current natural gas storage deficit. Longer-term natural gas prices continue to trade lower, as calendar strips 2021, 2022, and 2023 set new all-time lows yesterday at $2.66, $2.68, and $2.73, respectively.

 

 

Market Update 053018 

Market Settles 052918

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