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Daily Market Update June 11, 2019

Early Morning Update

The Jul19 natural gas contract is trading flat to yesterday’s close at $2.36.  The Jul19 crude oil contract is up $0.64 at $53.90.



A slow start to the summer heat, as well as healthy gas production have each weighed heavily on both natural gas and power prices. As of yesterday’s close, the Q3’19 NYMEX strip settled three cents off of the June 6 low at $2.35/MMBtu. Versus recent history, this current pricing is about 40 cents cheaper than last year and two years ago, and over a dollar cheaper than prices seen four years ago. The same can be said for the balance of 2019, as well as for calendar strips 2020-2023. Each of these terms are trading very close to their lows - the closest being Cal ‘20, which is a penny off of its Sep ‘18 low at $2.61. With the exception of Q3’19 in ERCOT, all other power terms nationwide are down week-over-week. As we’ve seen CAISO over the last few weeks strengthen the most compared to the other markets, this week CA pricing has dropped the furthest since last Tuesday. In particular, southern California on-peak pricing for Q3’19 dropped nearly $7.50/MWh. Weather for the rest of the week is expected to be mostly mild, and, thus, both the gas and power markets are expected to stay quiet.

Market Update 061119

Market Settles 061019

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