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Daily Market Update April 15, 2020

Early Morning Update

The May20 natural gas contract is trading down $0.01 at $1.64.  The May20 crude oil contract is down $0.36 at $19.75. 

Summary

There was downward movement throughout the entire NYMEX curve yesterday, after it initially moved up in the morning. Most of the movement was in the front months, with the prompt month contract falling 7.4 cents to close at $1.65/MMBtu, while the balance of 2020 fell 4.6 cents. The 12-month strip through April 2021 closed at $2.35, which represented a drop of just under four cents. The forward calendar strips for 2021 and 2022 both lost around a penny each, and calendar strips 2023 through 2032 all fell 1.8 cents, showing broad downward movement. The oil prompt month had also moved down through the day and is currently trading below $20 a barrel as of this morning. Weather forecasts have held steady and continue to show below-average temperatures blanketing the Midcon and Northeast regions through the end of the week, which will shift to just the Northeast. Average temperatures look to follow for the last week of the month, with slight warmth in the South. The below-average temperatures are pushing up Res/Comm heating demand in the near term, but the forecast over the next couple of weeks has it nearly halving by the end of the month as temperatures are expected to increase.

Market Update041520

Market Settles 041420

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