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Daily Market Update May 1, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.03 at $2.60. The Jun19 crude oil contract is down $0.51 at $63.40.

 

Summary

Tuesday saw near-term NYMEX pricing move slightly downward, as the prompt month fell 1.8 cents to close at $2.575/MMBtu, and the 12-month strip followed suit, losing a penny to close at $2.719/MMBtu. Most of the downward movement was in the upcoming summer months, as July lead the way, losing 2.3 cents. These small losses flipped following the 2019-2020 winter strip, as future calendar strips, starting with 2020, all gained half of a cent. After climbing above 87 Bcf/d for the weekend and coming close to the record mark of 87.6 Bcf/d on Monday, natural gas production fell 1.3 Bcf/d on Tuesday. This follows the trend from last week, when production remained above 87 Bcf/d over the weekend only to fall back to 86 Bcf/d as we moved into the week. Important to note, we are still producing over 8.0 Bcf/d more than we were in April 2018. Domestic demand was at a 7-day high on Tuesday, mostly driven by power burn and ResComm sectors in response to the cooler national temperatures.

 

Market Update 050119

Market Settles 043019

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