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Daily Market Update July 17, 2019

Early Morning Update

The Aug19 natural gas contract is trading up $0.03 at $2.34.  The Aug19 crude oil contract is up $0.58 at $58.20.

Summary

In the midst of a heat wave producing temperatures reaching 90-100 degrees for many of the country’s eastern and midwestern demand centers this week, the NYMEX natural gas prompt month contract lost 10.2 cents yesterday to settle at $2.306/MMBtu. Yesterday’s losses were likely driven by major revisions to near-term weather outlooks, which show the heat dissipating for most of the country. The National Weather Service published a probability for cooler-than-normal temperatures in the Midwest and eastern U.S. in their 6-10 and 11-14 day outlooks yesterday, predicting a much shorter life for the eastern heat that helped set a new record high for total U.S. power burn demand yesterday, at 43.48 Bcf. The total U.S. demand forecast without exports drops 3.0 Bcf/d from this week’s demand to ~72 Bcf/d next week.

Market Update071719

Market Settles 071619

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