May 17 2024 Market Update

Another up day

This market is demonstrating some real resilience with the follow through after yesterday’s bullish storage report.

Explanations include the Houston storm, reduced output, cooling demand, LNG plants back up to full operation.

The NYMEX June future has broken the March 5 and January 25 highs and next resistance is the January 9th high of $2.89 US/mm.  Last trade $2.65 US/mm

No surprising, the NYMEX rest of summer strip (July to Oct) has also broken above the March 5 high, the January 25 high and the next resistance is the January 9th high at $3.05 US/mm.  Last trade $2.826 US/mm

The NYMEX Winter 24-25strip has broken above the top of the range but settled back down just inside it.  Last trade $3.535 US/mm

NYMEX Summer 25 and Winter 25-26 are both up this week, but are still inside their ranges.

The 8-14 day outlook shows above normal temperatures in Florida and south Texas, but reasonable in the rest of the USA.

Monday is the Victoria Day holiday, and we will not publish a market update until Tuesday. Have a great long weekend [WFG]

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