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Daily Market Update May 16, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.02 at $2.62.  The Jun19 crude oil contract is up $1.17 at $63.19. 

 

Summary

Yesterday saw a drop in NYMEX NG prices, with the prompt month falling $.058 to close at $2.601. The market had been grinding higher after briefly trading below $2.50 in late April. The $2.50 level has proved to be stubborn support level, with the market having trouble sustaining trading below that level. Weather forecasts are coming to agreement in showing above average temps in the southeast and below average temps in the pacific northwest through the balance of May. The pattern doesn’t show extreme temps and the long-term forecasts aren’t calling for extreme temps for the balance of summer in the most densely populated areas of the country. Long-term forecasts can be inaccurate so we’ll have to see how they actualize.
Because the morning report is late today, we can report that the EIA announced a build of 106 Bcf into storage, roughly inline with expectations.

 

Market Update 051619

Market Settles 051519

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