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Daily Market Update July 28, 2020

Early Morning Update

The Aug20 natural gas contract is trading up $0.05 at $1.78.  The Sep20 crude oil contract is down $0.30 at $41.30. 

Summary

Yesterday in the NYMEX natural gas market, August through October lost seven cents on average, Cal ‘21 through Cal ‘24 netted a fairly flat day, and some strength returned in the outer strips, with Cal ‘25 and Cal ‘26 gaining five and six cents, respectively. Although rig counts continue to decline, and LNG exports have fallen to around 1/3 of the 9.0 Bcf/d highs we saw in March and April, production remains strong and seems to have found a new normal in the 87-89 Bcf/d range, at least for now. Industrial demand is continuing its climb toward recovery, averaging just over 20 Bcf/d in the past week. Inspired by the recent sustained heat, gas demand for power generation, also known as power burn, continues to put up record numbers, and July is set to break a new monthly record. Month-to-date power burn sits at 43.6 Bcf/d, up nearly 3.0 Bcf/d from the same time last year.

Market Update072820

Market Settles 072720

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