Market Updates

Daily Market Update June 20, 2019

Early Morning Update

The Jul19 natural gas contract is trading flat to yesterday’s close at $2.28.  The Jul19 crude oil contract is up $1.64 at $55.40.

 

Summary

After the Federal Reserve announcement that interest rates would remain unchanged, the NYMEX gas market experienced some more downward movement yesterday. The July 2019 prompt month settled at $2.276/MMBtu on Wednesday, some 5.2 cents lower than the prior day. Later today, the U.S. Energy Information Administration is expected to report a 104 Bcf injection into storage. The EIA predicts this above-average net injection will continue its 14-week streak of higher-than-normal storage changes, and if it continues through October, would close out the deficit to the 5-year average by November. A lot will depend on how hot it gets this summer. Over the next five days, the northern U.S. will be experiencing lower-than-average temperatures, while Texas is expected to have above-normal conditions. Long-term forecasts show mild, but slightly warmer weather across the country. These conditions factor into an expected increase in power generation demand for gas up to 35 Bcf next week.

Market Update062019 

Market Settles 061919

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