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Daily Market Update May 8, 2019

Early Morning Update

The Jun19 natural gas contract is trading up $0.04 at $2.58.  The Jun19 crude oil contract is up $0.25 at $61.65. 

 

Summary

It was another quiet day in the market yesterday, after the prompt month gained a modest 1.3 cents, settling at $2.537/MMBtu and putting an end to a 3-day losing streak. National weather, overall, continues to be mild this spring, attributing to soft demand and helping to suppress near-term natural gas prices. However, supply has faltered over the past few days, with U.S. dry natural gas production struggling just under 86 Bcf/d. Despite this, in their most recent “Short-Term Energy Outlook”, the U.S. Energy Information Administration projects production growth through 2019 and 2020, averaging 90.3 Bcf/d and 92.2 Bcf/d, respectively. Other highlights in the report include a prediction that Henry Hub spot prices will average $2.79/MMBtu this year and $2.78/MMBtu in 2020, citing production growth as the cause for suppressed prices.

 

Market Update 050819

Market Settles 050719

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