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Daily Market Update April 25, 2019

Early Morning Update

The May19 natural gas contract is trading up $0.01 at $2.47. The Jun19 crude oil contract is up $0.11 at $66.00.



Good news abounds! Mild weather across the country has reduced natural gas demand, allowing gas to be injected into storage earlier and at a higher rate than last year. Near-term prices have responded, with the prompt month dropping over 20 cents over the last two weeks. Trading on Wednesday was less active, with the May ’19 contract gaining less than a penny to close at $2.462/MMBtu. Weather forecasts look favorable over the next two weeks, with above-normal conditions in place over the eastern two-thirds of the country. The market is expecting a 90 Bcf build into storage when the EIA releases their weekly storage report later this morning, and end-of-season storage forecasts have been growing and are now approaching 3.7 Tcf, which would be only marginally below the 5-year average. Enjoy the mild weather and the bearish sentiment while it lasts.


Market Update 042519

Market Settles 042419

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