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Daily Market Update May 15, 2020

Early Morning Update

The Jun20 natural gas contract is trading up $0.02 at $1.70.  The Jun20 crude oil contract is up $1.08 at $28.64. 

Summary

The Jun20 Prompt month is trading at $1.72 this morning, up 5 cents from yesterday’s close of $1.68. The 12-month strip lost 10 cents this week, closing yesterday at $2.39. We’ve now seen two straight weeks where the 12-month strip dropped from it’s high of $2.65 on 5 May 2020. The expensive Cal 21 strip closed yesterday at $2.67, losing 3 cents. Yesterday’s US Energy Information Administration storage report showed a 103 Bcf injection, which was lower than expectations, but still higher than the 85 Bcf five-year average. Natural Gas inventories are now at 2.422 Tcf, way ahead of the 1,623 Tcf we saw the same time last year, and ahead of the 2.009 Tcf five-year average. The cooler Northeastern weather we’ve seen in the early half of May seems to be fading away. Weather forecasts show above normal temperatures for the West and Northeast in the latter half of May. Oil traded up this week, closing yesterday at $27.56.

Market Update051520

Market Settles 051420

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