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Daily Market Update June 30, 2020

Early Morning Update

The Aug20 natural gas contract is trading up $0.03 at $1.74.  The Aug20 crude oil contract is down $0.80 at $38.90.

Summary

Yesterday, we saw a rally in short-term NYMEX pricing, as the market reacted to the much-above-normal temperatures that are predicted to blanket the Northeast and Midwest over the next two weeks. The August contract gained over 16 cents from Friday, ending the day at $1.709/MMBtu, with September gaining 15 cents at $1.754, and October up almost 14 cents at $1.863.  The rally brought the prices up from the historic lows with which we ended last week, but only landed us back where we were a week ago. Power prices rallied, as well. The predicted heat has the potential to cause peak demand alerts in multiple markets over the next couple of weeks. Demand still hasn’t rebounded in line with the levels that we’ve seen over the last few years, and uncertainty remains regarding just how much it will recover by summer’s end, as we watch the major metropolitan areas strive to find a new normal.

Market Update063020

Market Settles 062920

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