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Daily Market Update July 24, 2019

Early Morning Update

The Aug19 natural gas contract is trading down $0.06 at $2.24.  The Sep19 crude oil contract is up $0.33 at $57.10.


After climbing to start the week on Monday, NYMEX moved slightly downward during yesterday’s trading session, as the prompt month contract lost 1.2 cents to close right at $2.30/MMBtu. The largest drop was concentrated in the balance of the 2019 strip, as it lost 1.6 cents to close at 2.367/MMBtu, with the 12-month strip following behind, losing a penny to close at $2.45/MMBtu. Beyond the near-term months, calendar strips 2020 through 2023 all remained essentially flat on the day. Total natural gas demand has continued to decline as we move through the week, led by the power burn sector, which has fallen 7.4 Bcf/d from the high point set last Friday to yesterday. While the mild weather over the next week is looking to turn to the hot side again for the Northeast, updated forecasts suggest that the first half of August could be milder than originally expected. The U.S. Energy Information Administration’s natural gas storage report scheduled for release tomorrow is expected to be larger than last year’s report for the same period, but will be the second in a row that falls short of the 5-year average.

Market Update072419

Market Settles 072319

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