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Daily Market Update July 16, 2019

Early Morning Update

The Aug19 natural gas contract is trading down $0.08 at $2.33.  The Aug19 crude oil contract is up $0.37 at $59.95.

Summary

Barry’s aftermath is still lingering in the Southeast and impacting gas production in the region, which is down 2.0 Bcf/d from last week. However, overall production is expected to rally back to 88.2 Bcf/d in the coming week. As market demand continues to be negatively impacted by Hurricane Barry, the August 2019 NYMEX natural gas futures price dropped 4.5 cents yesterday, settling at $2.408/MMBtu. This downward movement was shared with future gas prices through December 2021, however, forward calendar strips 2022-2025 gained around half a penny. The latest weather forecast is weakening the demand outlook even further, as demand is expected to drop from 75.9 Bcf/d to 73.6 Bcf/d over the next two weeks. Although hot temperatures are expected in the near-term outlook for the Northeast and Mid-Atlantic, the 8-14 day outlook shows the warm front ending and normalized conditions returning to these demand center regions. The forecasted decrease in demand, combined with the expected increase in production, makes for a promising injection build in the near future.

Market Update071619

Market Settles 071519

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