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Daily Market Update June 4, 2019

 Early Morning Update

The Jul19 natural gas contract is trading down $0.01 at $2.39.  The Jul19 crude oil contract is down $0.05 at $53.20. 

 

Summary

Mild weather, strong supply, and healthy storage continued to put downward pressure on forward prices for both natural gas and power throughout yesterday’s trading activity. The monthly NYMEX contracts for July ‘19 through March ‘20 all broke through their lows that were established last Friday and hit new all-time lows yesterday. Q3 ‘19 MISO and PJM prices are within 10% of their two-year lows as well. The last time gas prices were within 15 cents of current levels was Q1 2016, when production was around 73 Bcf/d. Yesterday, NYMEX Q3 ’19 settled at $2.399, and the balance of 2019 settled at $2.484. Gas calendar strips 2020–2023 are still all under $2.70. Prices are up slightly this morning.

 

Market Update 060419

Market Settles 060319

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