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Daily Market Update June 25, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.03 at $2.27.  The Aug19 crude oil contract is down $0.05 at $57.85.

 

Summary

As warmer summer weather is finally reaching demand centers, the NYMEX July ‘19 prompt month settled at $2.303/MMBtu yesterday, up 11.70 cents from Friday’s close. This upward price movement was seen across the market, with Q4-19 and forward calendar strips through 2022 all increasing by a few cents. Aside from increased cooling demand causing prices to increase slightly day-over-day, demand for LNG from Corpus Christi Train 2, which had a 670 MMcf increase in exports, also may have contributed to the rally. Relatedly, exports to Mexico are expected to increase in the near future, as well, specifically via the offshore pipeline Sur de Texas. Although it’s still in the commissioning phase, the 2.6 Bcf/d pipeline has shown forward progress towards beginning operations. This demand increase could put more upward pressure on natural gas prices in the near future. Current weather forecasts for the week ahead are calling for more heat, likely bringing an increase in power demand for cooling, which could lead to even further strength in prices.

Market Update062519

Market Settles 062419

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