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Daily Market Update June 24, 2019

Early Morning Update

The Jul19 natural gas contract is trading up $0.05 at $2.24.  The Aug19 crude oil contract is up $0.47 at $57.90.  

Summary

On Friday, the July 2019 NYMEX natural gas futures price remained relatively flat, up 0.1 cent on the day to settle at $2.186. Over the past week, U.S. production levels have hovered around 87.0 Bcf/d, about 7.0 Bcf/d higher than last year’s levels. Total U.S. demand for natural gas so far this year has averaged about 4.0 Bcf/d higher, compared to the average demand seen this time last year. LNG exports are reaching new all-time highs, as more trains enter commercial export service. Current levels are around 6.0 Bcf/d, and expected to climb to about 7.5 Bcf/d by the end of this year. Bolstered power burn demand is expected, as temperatures warm over the next week. Weather forecasts have warmed slightly over the weekend, showing mostly normal temperatures in the 1-5 day forecast. In the 6-10 day forecast, we see the heat returning to the Northeast, a major U.S. demand center for natural gas, to start off the month of July. This could bring back some bulls for near term pricing as this region warms up. Looking further out, the heat retreats from the Northeast, but remains in the Pacific Northwest.

Market Update062419

Market Settles 062119

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