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Daily Market Update April 22, 2019

Early Morning Update

The May19 natural gas contract is trading up $0.03 at $2.52. The May19 crude oil contract is up $1.60 at $65.60.

 

Summary

On Thursday, the May 2019 NYMEX natural gas futures price continued its downward trend, falling 2.7 cents on the day to settle at $2.490/MMBtu, the lowest prompt month settle price since June 2016. Value was also seen in this upcoming summer’s pricing, with all three of the months settling below $2.70/MMBtu. Preliminary summer weather forecasts released last week are predicting a cooler summer than last year. Weather forecasts for the shoulder season remain extremely mild, with no significant temperatures suggesting higher demand. Another factor that should cause a decline in demand for natural gas in early May is the return of baseload nuclear units form their current outages in the Southeast and Northeast regions. Natural gas production remains high, allowing for injections into storage far greater than historical benchmarks, and bringing storage levels closer to last year’s levels at a record pace. Total U.S. dry production has been averaging between 86-87 Bcf/d over the past week, just under the all-time high reached last November.

 

Market Update 042219

Market Settles 04182019

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