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Daily Market Update April 16, 2019

Early Morning Update

The May19 natural gas contract is trading flat to yesterday’s close at $2.59. The May19 crude oil contract is up $0.20 at $63.60.

 

Summary

As expected, the forecasted mild weather and subsequent weakness in overall demand contributed to the May natural gas contract losing seven cents during yesterday’s trading activity. After opening Friday at $2.67 and losing less than a penny throughout the day, the prompt month opened at $2.64 yesterday. The contract traded as high as $2.65 and as low as $2.58, before settling at $2.59. Throughout its history, the May contract has traded as high as $3.50 in February of 2015 and as low as $2.45 in February of 2016. In comparison to the prompt month, the monthly NYMEX futures contracts for June 2019 through April 2022 also displayed some deterioration yesterday, concentrated mostly within the 12-month strip. These declines were worth anywhere from seven cents in Q3-19, to a fraction of a penny past April of 2021. Outside of any technical trading, bearish weather forecasts for the next two weeks indicate that it is unlikely this downward price trend will become severely reversed.

 

Market Update 041619

Market Settles 041519

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