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Daily Market Update June 14, 2019

Early Morning Update

The Jul19 natural gas contract is trading up $0.01 at $2.33.  The Jul19 crude oil contract is down $0.23 at $52.05.

 

Summary

Yesterday, the U.S. Energy Information Administration reported a 102 Bcf increase in storage stockpiles in the first week of June. Although this was less than the 109 Bcf consensus of market estimates, it did top last year’s 95 Bcf injection for the corresponding week, and extended the streak of above-average storage builds seen so far this year, beating the five-year average injection by 10 Bcf. Storage inventories stand at 2.088 Tcf as of June 7, 10% above last year at this time, yet still lagging the five-year average benchmark by 9.9%. Despite the weekly storage report coming in below expectations, the market finished the day much lower than it started. The prompt month slid 6.1 cents, eventually settling at $2.325/MMBtu, while the 12-mo strip dropped $0.03 to $2.503. Bearish fundamentals seem to be keeping a lid on natural gas prices, with near-term weather conditions offering no sign of significant demand increases, and natural gas production remaining robust. Production has averaged 86.4 Bcf/d so far this year, an increase of 7.2 Bcf/d over last year. The current bearish sentiment could very well lead to even lower prices, which have not been at these levels in over three years.

Market Update061419

Market Settles 061319

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