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Daily Market Update July 25, 2019

Early Morning Update

The Aug19 natural gas contract is trading up $0.02 at $2.24.  The Sep19 crude oil contract is up $1.02 at $56.90.

Summary

As most of the U.S. continues to experience cooler temperatures, the NYMEX natural gas market through 2025 declined even further yesterday. The August prompt month dropped eight cents, settling at $2.22/MMBtu, while the 2020 calendar strip reached an all-time low of $2.478.  Last week was the first time this season the EIA reported a below-average injection, breaking the streak of reducing the 5-year average deficit. Estimates are showing that this will be the same case today, as the expected injection of 30 Bcf is 14 Bcf less than the 5-year average. The below-average build can be attributed to the increased cooling demand from the hot weather experienced during the reporting week ending July 29th. Next week, the storage build is anticipated to revert back to above-average, as 57 Bcf is projected, much higher than the 5-year average of 37 Bcf.  While we’ve experienced a slight cooldown in the Southeast in the 1-5 day forecast, warmer weather is expected to creep from the West Coast towards the Midcon region during the 11-20 day outlook, which could put some upward pressure on future gas prices.

Market Update072519 

Market Settles 072419

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