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Daily Market Update June 10, 2019

Early Morning Update

The Jul19 natural gas contract is trading up $0.01 at $2.35.  The Jul19 crude oil contract is up $0.26 at $54.25.

Summary

On Friday, the July 2019 NYMEX natural gas futures price moved higher, up 1.3 cents on the day, to settle at $2.337/MMBtu. The prompt month was rangebound throughout the day between $2.306 and $2.355/MMBtu. Near-term pricing continues to remain depressed, as U.S. production levels remain relatively high. Total U.S. dry production has fallen slightly, down from its record highs, and has averaged just under 87 Bcf/d over the past week. Last week, the U.S. Energy Information Administration reported another healthy injection of 119 Bcf for the week to May 24, which was the second week in a row the injection report surprised the market, and was greater than last year’s injection, as well. Power burn levels continue to lag, as mild temperatures dominate the weather forecasts to start off the summer. In the 1-5 day forecast, cooler-than-normal temperatures blanket the majority of the country, while the West Coast remains significantly warmer. The Northeast and Texas, two major demand centers for natural gas, have been experiencing mild temperatures recently, and lower demand levels are expected to continue in these regions.

Market Update 061019

Market Settles 060719

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