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Daily Market Update April 7, 2020

Early Morning Update

The May20 natural gas contract is trading up $0.07 at $1.80.  The May20 crude oil contract is up $0.17 at $26.25.



We saw upward movement across the board in NYMEX pricing yesterday, with the most strength in the near-term. May, the prompt month, ended the day at $1.731/MMBtu, 11 cents higher than Friday’s close, but still incredibly low from a historical perspective. June saw a nearly 11-cent increase, as well, ending at $1.844, while the 12-month strip gained nearly five cents, to close at $2.297. The calendar strips for 2021 through 2026 each saw gains of less than two cents. On the supply side, production fell 1.5 Bcf/d to 91 Bcf/d. Demand is largely flat overall, but breaking it down into the various demand sectors, there was a power burn increase of 2.2 Bcf/d, mostly attributed to Texas and the Northeast, offset by a fall of 2.6 Bcf/d in Res/Comm sector demand, mostly in the Midcon region – not unexpected, as temperatures are well above normal for this time of year.  However, that is due to change, as colder-than-normal temperatures are forecast to blanket the majority of the country over the coming days.

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