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Daily Market Update June 6, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.02 at $2.36.  The Jul19 crude oil contract is up $0.37 at $52.05. 

Summary

Forecasted near-term heat in the Midcon region is short-lived, as below-normal temperatures roll in within the next ten days. On the contrary, warmer-than-normal conditions are anticipated on the West Coast within the next ten days, which will linger through the second half of the month. The market continues to react to the bearish fundamentals, which can be seen in yesterday’s Jul19 prompt month contract closing out at $2.378/MMBtu. This is 3.8 cents lower than the previous day’s close of $2.416. Forward calendar strips through 2024 remained mostly flat with this news, but are still near 3-year lows. Injections into storage continue to impress the market, with 11 straight injections trumping the 5-year average. According to Bentek Energy, the U.S. Energy Information Administration is expected to report a 116 Bcf storage build for the reporting week to May 31. This would continue the streak of higher-than-anticipated injections, and further pare down the deficit to the five-year average benchmark.

Market Update 060619

Market Settles 060519

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