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Daily Market Update July 30, 2019

Early Morning Update

The Sep19 natural gas contract is trading up $0.01 at $2.12.  The Sep19 crude oil contract is up $0.23 at $57.10.

Summary

Near term forecasts showing cooler-than-average temperatures pushed the NYMEX August 2019 contract down to a three year low, ultimately expiring at $2.141/MMBtu. After losing 2.8 cents on the last trading day, August 2019 weakened more than 18 cents throughout July. Furthermore, the NYMEX market experienced a decrease in prices across the board, as future gas prices through calendar strip 2025 also dropped. 2020 and 2021 calendar strips fell to fresh all-time lows at $2.435 and $2.531, respectively. Long-term forecasts currently show cool temperatures to remain in main demand centers, such as the Northeast and the Midwest.  This outlook is expected to push the U.S. demand down slightly.  Monday’s demand was 73.2 Bcf/d and could be about 1.0 Bcf/d higher versus next week’s forecasted average of 72.1 Bcf/d. On the supply side, dry production is expected to linger at higher levels, as an average of 88.9 Bcf/d is predicted in the 8-14 day outlook. If this production level comes to fruition, it will be just above the month-to-date level of 88.3 Bcf/d.

Market Update073019 

Market Settles 072919

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