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Daily Market Update July 15, 2019

Early Morning Update

The Aug19 natural gas contract is trading down $0.02 at $2.43.  The Aug19 crude oil contract is up $0.29 at $60.50. 

Summary

On Friday, the August 2019 NYMEX natural gas futures price moved up 3.7 cents on the day to settle at $2.453/MMBtu. The upward pressure to the prompt month is in reaction to the return of bullish fundamentals affecting the supply/demand balance. On Saturday, a Manhattan transformer fire knocked out power for thousands in the Upper West Side of New York City, and did not return until just before midnight. Last week, total U.S. production levels depressed due to oil/gas shut-ins down in the Gulf of Mexico in preparation for Tropical Storm Barry. As the storm lowers the production in the Gulf, LNG feed gas seems unaffected, maintaining its current record setting export volumes, just under 6.5 Bcf/d. While supply dips, demand continues to climb with warming temperatures. The 1-5 day weather forecast shows warmer-than-normal temperatures trapped in the Northeast and Texas, two major U.S. demand centers for natural gas. The heat in the Northeast appears to stay through the end of this month, which could lower the next couple of injections into storage and increase power burn levels for cooling demand.

Market Update071519 

Market Settles 071219

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