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Daily Market Update July 15, 2020

Early Morning Update

The Aug20 natural gas contract is trading flat to yesterday’s close at $1.75.  The Aug20 crude oil contract is up $0.51 at $40.80.

Summary

The NYMEX natural gas prompt month gained a modest $0.007/MMBtu yesterday, opening the day at $1.739/MMBtu and closing at $1.746/MMBtu. Production of natural gas remains lower, averaging 87.2 Bcf/day for July 2020 vs. 90.6 Bcf/day the same time last year. Demand, overall, is averaging 1.2 Bcf/day higher for the same period, driven only by power burns, as above-average temperatures continue to lurk in the near-term weather forecasts. Specifically, Texas and Southeast power burns are on pace to reach new records for the month of July. Higher temperatures, as well as weak Henry Hub prices, can both be attributed to the record-setting pace. Looking ahead, tomorrow’s weekly storage report from the U.S. Energy Information Administration is expected to report an injection that is less than the 5-year average.

Market Update071520

Market Settles 071420

 

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