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Daily Market Update May 29, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.04 at $2.62.  The Jul19 crude oil contract is down $1.74 at $57.40. 

 

Summary

On it’s second-to-last trading day, the Jun19 prompt month settled at $2.582/MMBtu yesterday, after trading in a range of $2.535/MMBtu to $2.613/MMBtu. Averaging just shy of 87 Bcf/d for May, U.S. dry natural gas production showed signs of recovery over the weekend, setting a new record high. According to Bentek, domestic dry natural gas production reached just over 88 Bcf/d on Sunday, May 26. Moreover, May 2019 production has averaged 8% higher than May 2018. On the demand side, total demand (including exports) this month has averaged 7% higher than May 2018. National weather outlooks were revised slightly cooler yesterday. The 6-10 day National Weather Service outlook predicts cooler-than-normal temperatures for the Northeast. The 8-14 day outlook predicts cooler temperatures in both the Great Lakes and Southeast, while the rest of the country is expected to be warmer-than-normal. The June 2019 NYMEX natural gas contract will expire today.

 

Market Update 052919

Market Settles 052819

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