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Daily Market Update May 3, 2019

Early Morning Update

The Jun19 natural gas contract is trading down $0.01 at $2.57. The Jun19 crude oil contract is up $0.25 at $62.06.

 

Summary

This period of lower demand has extended the string of large storage injections, with the EIA reporting a build yesterday of 123 Bcf. The first triple-digit injection of the year. This compares to an injection last year of 50 Bcf and the 5-year average of 70 Bcf. The report led to a slight easing of prompt month pricing as the June contract dipped $.031 to close at $2.589. The prompt month has been trading between $2.55 and $2.60 since briefly falling below $2.50. The $2.50 level has proven to be a stubborn support level with scarce activity below that with traders appearing to be quick to defend the support.
Looking ahead at weather, forecasts show warmer temps along the coast for the next ten days. After that, a moderating pattern moves in and normal temps are called for during the back half of May. That’s good news for energy markets as an early start to summer can cause volatility.

 

Market Update 050319

Market Settles 050219

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