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Daily Market Update May 20, 2020

Early Morning Update

The Jun20 natural gas contract is trading up $0.04 at $1.87.  The Jun20 crude oil contract is up $0.74 at $32.70.


Yesterday, the NYMEX natural gas prompt month continued it’s rally from Monday, gaining another $0.047/MMBtu yesterday, opening the trading day at $1.783/MMBtu and settling at $1.830/MMBtu. The prompt month has rallied over $0.18 since closing Friday, based on news that EQT, the largest natural gas producer in the U.S., will curtail production by 1.4 Bcf/day, or 34% of their daily volumes for an estimated period of 45 days while they wait for higher prices anticipated later in the year. Production estimates for today are at 85.8 Bcf/day. Year to date, production has averaged 91.4 Bcf/day, up 3.1 Bcf/day vs. last year, but has fallen more than 5.0 Bcf/d in the past month. Looking ahead, tomorrow’s weekly storage report from the U.S. Energy Information Administration is expected to show an injection that is less than the 5-year average.

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