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Daily Market Update June 28, 2019

Early Morning Update

The Aug19 natural gas contract is trading down $0.01 at $2.31.  The Aug19 crude oil contract is up $0.19 at $59.62. 

Summary

Yesterday the NYMEX NG market continued it’s slow creep higher after finishing up $.056 to close at $2.324.  While the market is still very low, the prompt month is up 7% since last Friday.  Power markets continue to be weak as low index pricing has caused pricing to be lower. 

The move higher in NG was helped by the slightly disappointing storage report.  The EIA reported a build into storage of 98 Bcf and while this was higher than last year (+71) and the 5-year average (+70), it was a few Bcf lower than most estimates.  Even so, the deficit to the 5-year average continued to drop and now stands at a mere 171 Bcf.  On March 8, the deficit was 565 Bcf so we’ve come a long way towards a healthier storage situation.  The deficit is forecast to continue to shrink with the estimated builds of the next few weeks and may flip to a surplus by fall, weather dependent.

Market Update062819 

Market Settles 062719

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