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Daily Market Update June 13, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.02 at $2.36.  The Jul19 crude oil contract is up $1.56 at $52.70.

Summary

The West coast can’t seem to beat the heat over the next five days, with temperatures up to eight degrees warmer than the 30-year normal. The West Coast warm-up is short lived, though, as that heat shifts down towards Texas over the next 6-20 days. Conversely, the majority of the U.S. is forecasted to experience normal to only slightly-above-normal temperatures to finish out the month.  Power burns are currently 0.18 Bcf/d lower year-over-year due to the generally mild weather conditions. However, if we continue to see regional warm-ups, increased cooling demand will be a factor that could add strength to the bearish market. The U.S. Energy Information Administration will be releasing their weekly storage report this morning, as well, where we will discover whether the most recent storage injection will prove to be the 13th consecutive injection greater than the 5-year average benchmark. The consensus of market estimates is a 108 Bcf build, with predictions ranging from 100 to 121 Bcf. For the corresponding week last year, we saw storage inventories increase by 95 Bcf, while the five-year average injection is 92 Bcf. 

Market Update061319 

Market Settles 061219

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