Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update May 1, 2020

Early Morning Update

The Jun20 natural gas contract is trading down $0.02 at $1.92.  The Jun20 crude oil contract is up $1.28 at $20.12. 

Summary

The June NYMEX contract closed at $1.949/MMBtu yesterday, gaining back the eight cents it lost the day earlier and hitting the two-month high for prompt month contracts. The EIA reported a 70 Bcf injection last week, roughly hitting the mark for the 74 Bcf 5-year average, but far less than the 114 Bcf injection we saw the same week last year. The 12-month strip and 2021 strip continued to gain strength this week, closing Thursday at $2.59 and $2.76 respectively. Associated gas production, which makes up ~38% of US NG Production, is at risk to lose 15 Bcf/d as oil shut-ins continue with oil prices remaining below $20/b. However, total US NG production continues to hover around 92 Bcf/d.

Weather forecasts are continuing with the warm west/cold east pattern.  This is causing some lingering heating demand and slightly suppressing what would otherwise be very large storage injections. 

 Market Update050120

Market Settles 043020

To subscribe to Daily Market updates please visit nrg.com

100.24.118.144