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Daily Market Update May 20, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.04 at $2.67.  The Jun19 crude oil contract is down $0.11 at $62.65. 

 

Summary

On Friday, the Jun19 NYMEX natural gas futures price dipped slightly, down 0.8 cents on the day to settle at $2.631/MMBtu. The remaining months of the year also saw a slight dip, but nothing significant. The upcoming winter pricing seems to be holding its premium as we head into this summer, even as the storage situation improves. For the tenth week in a row, the EIA reported an injection that has exceeded the five-year average. A key fundamental that has pushed demand higher has been U.S. power burn levels, which have continued to increase since the beginning of this month. Year-over-year power burns are up just over 1.0 Bcf/d, and total U.S. demand for natural gas is up almost 3.0 Bcf/d versus last year at this time. Total U.S. dry production has been steady, averaging just under 87 Bcf/d. Yesterday, Columbia Gas Transmisson reported that there was an operational event at the Markwest Salem Plant that has impacted deliveries and reduced production into the pipeline. Weather-than-normal weather forecasts for the East Coast, a major demand center for natural gas, are expected to linger through the start of June. This could mean an early start to this summer and bolstered cooling demand.

 

Market Update 052019

Market Settles 051719

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