Daily Market Update May 28, 2019
Early Morning Update
The Jun19 natural gas contract is trading down $0.05 at $2.55. The Jul19 crude oil contract is up $0.42 at $59.05.
Summary
The natural gas market strengthened slightly during last Friday’s trading activity. Throughout the day, most of the monthly contracts within the 12-month strip settled about a penny higher than the settlement prices from the previous day. The June contract closed out the week at $2.598/MMBtu, which is flat week-over-week and up four cents month-over-month. However, the weather outlook for this week is showing cooler-than-normal temperatures for, both, the Northeast and the Southwest, and, thus, the prompt month, Q3-19, and balance of 2019 have all opened up the week down between five and ten cents. Q3-19 is currently $2.55, while the balance of the year is at $2.613. Longer term gas strips have changed little week-over-week. Much like the gas market, power pricing nationwide has weakened since last week, as well. Q3-19 on-peak in PJM, MISO, ERCOT, and NEPOOL all fell nearly a dollar in each market. CAISO was the only exception, moving in the opposite direction.
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