Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update June 12, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.01 at $2.39.  The Jul19 crude oil contract is down $1.37 at $51.90.

 

Summary

Marking a three day streak of gains, the NYMEX HH prompt month settled 4.2 cents higher yesterday at $2.399. Slightly higher demand expectations and lower supply were the attributed drivers for the move higher and with prices so low, even the smallest bullish fundamental changes are likely to have an impact. The 12 month strip also posted gains, settling at $2.545 yesterday and calendar 2020 moved about a penny higher to $2.615. All other calendar strips were unchanged day-over day. The EIA released their “Short-Term Energy Outlook” for June yesterday. Notable Forecast Changes included lowering the Brent Crude price projection for 2019 by ~$3 since last month’s publication. The EIA cited lower global demand growth compared to expectations as the cause for lowering their forecast to ~$67/barrel. On the Natural Gas side, the EIA expects that spot prices will average $2.77/MMBtu in both 2019 and 2020 citing strong production growth, forecasting an average of 90.6 Bcf/d this year and 91.8 Bcf/d in 2020, as the cause for ~14% lower spot prices in 2019 and 2020 compared to the 2018 average.

Market Update 061219

Market Settles 061119

Set your ZIP code and utility

Enter a valid ZIP code
Unfortunately, we don't currently service this area. Please try another ZIP code.

Loading please wait...

Don't see your utility?

We currently only provide service to the listed utilities. For question, please contact 1-888-925-9115.

Loading...

3.226.251.81