Daily Market Update May 21, 2019
Early Morning Update
The Jun19 natural gas contract is trading down $0.03 at $2.64. The Jun19 crude oil contract is up $0.23 at $63.33.
Summary
The short-term natural gas market continued to strengthen throughout yesterday’s trading activity, erasing most the weakness from the pricing slide that started with mild weather in mid April. After opening Monday at $2.63, the June 2019 contract settled up 4 cents at $2.673. While this price is only about a penny higher week over week, it’s nearly 18 cents higher than the low that was established last month. The same can be said for the Q3 19 strip and the average price for the balance of 2019. The medium and longer-term calendar strips have remained relatively unchanged over the last few days. Yesterday calendar strips 20 – 23 settled up less than a penny from Friday’s close at $2.75, $2.66, $2.65, and $2.73. These prices are up only a few cents month over month, while at the same time they’re still a few cents lower year over year. The calendar prices for 20 – 23 are currently about 10 cents away from their all-time lows.
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