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Daily Market Update April 12, 2019

Early Morning Update

The May19 natural gas contract is up $.01 at $2.67. The May19 crude oil contract is up $0.94 at $64.52.

 

Summary

On Thursday, the EIA reported a smaller-than-expected build into storage, leaving US stocks with 1,155 Bcf of total gas.  The market reacted slightly by moving higher by 3-4c after the report but ultimately fell back throughout the day to end the day at $2.664, down $.036.  The front month contract has been remarkably stable near the $2.70 level for the last two weeks.  Fundamentals have given the market little incentive to force large price swings:  production is steady near 87 Bcf/d, demand is lower with mild weather and LNG exports have been lower due to maintenance.  The big unknown currently is summer weather.  Last summer was an above average summer, and with the low storage reserves now, another hot summer could leave the US with poor storage again heading into next winter.    
Direct Energy will be hosting a call with our meteorologist on the 16th to review our summer forecast  and potential impacts on the market.  Please reach out to your Direct Energy representative for details and registration.  

 

Market Update 041219

Market Settles 041119

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