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Daily Market Update April 10, 2019

Early Morning Update

The May19 natural gas contract is up $.02 at $2.71. The May19 crude oil contract is up $0.36 at $64.34.

 

Summary

Tuesday proved to be another quiet day for NYMEX as the prompt month May contract lost just under a penny to close at $2.699/MMBtu. The lack of movement was not confined to the near term, with the twelve month strip and the 2020, 2021, and 2022 calendar strips all moving less than a penny as well and remaining backwardated. The past few days have seen temperatures turn slightly downward which has led to ResComm demand increasing from its recent low of 17.2 Bcf/d on Monday to an expected 25.8 Bcf/d for today. While the northern mid-continent is facing severe winter weather conditions over the next couple of days, much of the rest of the U.S. looks to remain within the normal to slightly warmer-than-average range, keeping a ceiling on near term weather driven demand. On the export side of the equation, Cheniere’s Sabine Pass LNG export facility in Texas has more than halved its output to under 2 Bcf/d since beginning maintenance on March 23rd but should return to full service within the next couple of weeks. Production has also slipped back under 86 Bcf/d for two days in a row.     

 

Market Update 041019

Market Settles 040919

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