Daily Market Update August 20, 2019
Early Morning Update
The Sep19 natural gas contract is trading flat to yesterday’s settle at $2.21. The Sep19 crude oil contract is down $0.21 at $56.00.
Summary
The NYMEX natural gas prompt month contract strengthened slightly during yesterday’s trading activity. Rising one cent to $2.21/MMBtu, this strength can mostly be attributed to a day-over-day jump in total U.S. demand of about 1.5 Bcf/d. The Q4 strip was flat from Friday, again closing at $2.31. This is 11 cents higher from the all-time low that was established on August 5th at $2.20. Calendar strips ’20 through ’23 rose a few pennies from Friday’s close, as well, bumping each contract above their recently set all-time lows. Weather forecasts for the next few days show above-normal temperatures for the coasts, which could potentially lead to more bullish cooling demand.
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