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Daily Market Update June 5, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.01 at $2.40.  The Jul19 crude oil contract is down $0.78 at $52.70.

 

Summary

After a steady march down over the past couple of days that saw the July prompt month NYMEX contract trading as low as $2.381/MMBtu, natural gas pricing settled slightly up following yesterday’s trading session. The prompt month gained 1.3 cents to close at $2.416/MMBtu, with the 12-month strip following suit as it gained 1.7 cents to close at 2.575/MMBtu. The 2020 calendar strip also gained a penny and half to get to $2.631, but beyond that, the upward pressure was muted, as the successive calendar strips all gained less than a cent. While production has eased back to around 86 Bcf/d after setting an all-time high of 88.1 Bcf/d last week, it is still 7.5 Bcf/d higher than this time last year. Looking ahead, tomorrow’s storage report is expected to be larger than both last year and the 5-year average. If these expectations are met, this will mark the 12th report in a row that has cut into the 5-year average deficit.

Market Update 060519

Market Settles 060419

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