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Daily Market Update May 30, 2019

Early Morning Update

The Jul19 natural gas contract is trading down $0.03 at $2.59.  The Jul19 crude oil contract is up $0.14 at $58.95. 



After gaining more than five cents in its final day of trading, the Jun19 prompt month contract expired yesterday at $2.633/MMBtu, practically a quarter lower than the Jun18 contract settlement and 60 cents lower than the Jun17 contract expiration at $2.875 and $3.236, respectively. The 2020-2024 forward calendar strips experienced very little movement, neither gaining nor losing more than two cents. Near-term weather forecasts continue to show a warm-up on the southeast coast over the next few days. However this heat dissipates leading into June, where normal conditions roll in, with only a slight warm-up focused on the West Coast. This newest weather forecast is predicted to be cooler than the previous 10-year average. Currently at an 8.5% surplus to last year, the mild weather conditions have allowed healthy injections into storage due to lower cooling demand. The market is expecting the U.S. Energy Information Administration to report a 95 Bcf injection into storage facilities for the week to May 24 this morning, which is in line with historical averages.


Market Update 053019

Market Settles 052919

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