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Daily Market Update June 3, 2020

Early Morning Update

The Jul20 natural gas contract is trading up $0.08 at $1.86.  The Jul20 crude oil contract is up $0.09 at $36.90.


The NYMEX natural gas prompt month gained a meager $0.003/MMBtu yesterday, opening the day at $1.774/MMBtu and closing at $1.777/MMBtu. As above-average temperatures are expected to take over a large swath of the country, demand for power burns is forecasted to jump 2.0 Bcf/d today. Much of that gain is expected in the Northeast. Production has remained relatively flat, hovering around 87 Bfc/d. Natural gas exports to Mexico have been slowly increasing over the past week, up about 0.5 Bcf/d to 5.4 Bcf/d today. Looking ahead, tomorrow’s EIA storage report is expected to report another triple-digit injection that is greater than the 5-year average, somewhere in the neighborhood of 113 Bcf.

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