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Daily Market Update April 20, 2017
Apr 20, 2017
Early Morning Update
The May17 natural gas contract is trading up $0.01 at $3.19. The May17 crude contract is up $0.16 at $50.60.
The natural gas complex has been fairly quiet this week, giving up six cents to start the week and gaining four cents back yesterday. The May17 futures contract settled at $3.185/MMBtu yesterday, which is right in-line with where we started the month of April. Fundamentals have continued to show little change, with production plodding along at roughly 70 Bcf/day, and there haven’t been any big surprises impacting weather-related demand. Early summer forecasts are showing that most weather vendors are expecting a warmer-than-normal summer this year, which could apply pressure to the already tight supply/demand balance. The market is expecting a build of ~8 BCf when the EIA posts the weekly storage number later this morning, followed by roughly 45 Bcf builds for each of the next two weeks. These projections split the middle of last year’s injections and the 5-year average, which, in isolation, don’t provide much support for any big moves either way.
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