Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update April 29, 2020

Early Morning Update

The Jun20 natural gas contract is trading down $0.03 at $1.92.  The Jun20 crude oil contract is up $2.96 at $15.30. 

Summary

The May ’20 NYMEX contract expired yesterday at $1.794/MMBtu, down two and a half cents from Monday’s close and the lowest closing for the last month of spring in over a decade. There was a fairly wide trading range, with the May contract swinging 22 cents on the day, from a low of $1.70 up to a high of $1.92 prior to settle. Outside of the prompt month, there was upward movement with the balance of 2020, Cal ‘21, and Cal ‘22 all gaining around a penny to close at $2.314, $2.751, and $2.533, respectively. The calendar strips continue to be backwardated from 2021 through 2024, as most of the sustained upward movement continues to be focused in 2021 through the first quarter of 2022. Natural gas production was down 0.6 Bcf/d to 91.7 Bcf/d for the day, which is the first day in quite a while that it came in under the 92 Bcf/d mark. Total U.S. demand is essentially flat today, and production is expected to move back above 92 Bcf/d, with the Northeast showing the largest day-over-day gains. Tomorrow’s EIA Natural Gas Storage Report is expected to show an injection of 73 Bcf, in line with the 5-year average, but well below last year’s build for the same week.

Market Update042920

Market Settles 042820

34.204.193.85