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Daily Market Update June 27, 2019

Early Morning Update

The Aug19 natural gas contract is trading up $0.02 at $2.29.  The Aug19 crude oil contract is down $0.43 at $58.95.

 

Summary

On the last trading day for the July natural gas contract, prices settled yesterday at $2.291/MMBtu, 1.7 cents down from the day prior. This downward movement was shared with the market, as the rest of 2019 and forward calendar strips through 2025 all experienced a slight loss. As prices drop, LNG feed gas demand continues to grow, with more gas traveling to Cameron and Corpus Christi export facilities. It is predicted that LNG exports will reach a weekly high, averaging a little over 5.8 Bcf/d. Later today, the U.S. Energy Information Administration will release its weekly storage report, with analysts predicting an injection of 100 Bcf. As with the 14 weeks prior, this triple-digit build will continue to cut into the 5-year average deficit. However, low index prices associated with this build might be short-lived with anticipated warmer weather. Near-term forecast shows the East and Midwest experiencing some heat for the rest of June. In the 11-20 day outlook, the warm weather experienced in the Northeast and Northwest starts to slowly creep into the Mid-Atlantic region. With market fundamentals as bearish as they are, even the smallest shift in weather, such as regional warm-ups, could create an uptick in the NYMEX gas market.

Market Update062719 

Market Settles 062619

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