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Daily Market Update April 1, 2019

Early Morning Update

The May19 natural gas contract is trading up $0.01 at $2.67. The May19 crude oil contract is up $0.73 at $60.87.

 

Summary

On Friday, the May 2019 NYMEX natural gas futures price fell 5.0 cents on the day to settle at $2.662/MMBtu. The prompt month was rangebound throughout the day between $2.656/MMBtu and $2.728/MMBtu. The upcoming summer's monthly pricing has also followed suit, dropping 4 or more cents day-over-day. The bears have returned due to record setting total U.S. dry gas production last week, which seemed to overshadow the fact that we have ended this season with storage at the lowest levels dating to 2014. The withdrawal season this year ended about a month earlier than what we saw last year, with injections expected to begin with next Thursday's storage report. Contrary to the increased supply, demand has dwindled due to moderating temperatures, with forecasts for this week showing an average of around 82 Bcf/d. The 1-5 day weather forecast, shows some slightly cooler-than-normal temps along the east coast, but that is quickly reversed in the 6-10 day forecast calling for a blanket of warmth for the majority of the country. US LNG exports have fallen due to maintenance on two trains at the Sabine Pass facility, and could potentially last another couple of weeks. Total U.S. dry production has surged higher averaging just over 88 Bcf/d this weekend, and it seems the market has confidence that we will continue to see an increase throughout this summer. 

 

Market Update 040119

Market Settles 032919

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