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Daily Market Update June 26, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.01 at $2.29.  The Aug19 crude oil contract is up $1.20 at $59.03.

 

Summary

It was a quiet day for the NYMEX NG contracts yesterday. On it’s second-to-last-day of trading, the July 2019 prompt month gained less than a penny from Monday’s close to settle at $2.308/MMBtu. The July 2019 contract will expire today. A late start to cooling demand season and domestic NG dry gas production steady averaging 86.9 Bcf/d for 2019 have allowed the July NG contract to trade as low as $2.19 last week, 69 cents, or 24% lower than the price 6 months ago. However, warmer temperatures finally started to creep in to the forecasts for the eastern US, elevating power burn demand. Philadelphia is forecast to hit a high of 93 degrees on Friday, as a result, PJM could set one of its coincident peaks later this week. Be on the lookout for peak demand notices from Direct Energy through September.

Market Update062619

Market Settles 062519

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