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Daily Market Update May 23, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.02 at $2.56.  The Jul19 crude oil contract is down $1.82 at $59.60. 

 

Summary

Weather forecasts continue to show a significant warm-up along the East Coast that will extend through the end of the month. This heat did not warm up natural gas prices, though, as the prompt month fell seven cents to settle at $2.543/MMBtu. The 12-month strip lost about two cents, settling at $2.72, while forward calendar strips beyond 2020 showed very little movement. The 2020 calendar strip lost almost four cents, closing out at $2.69. An estimated triple-digit injection into storage of 110 Bcf for the week ending May 23 awaits us, which further improves the storage situation, with this recent injection being almost 14% higher than last year's build at this time. Yesterday's natural gas production reached 88.6 Bcf/d, which represented a healthy increase from the recent low of 84.5 Bcf/d set on Sunday. The continued above-normal storage injections are a positive sign as we approach summer with increased heating demand coming into play and the associated tapering of storage replenishment.

 

Market Update 052319

Market Settles 052219

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