1 2 M O N T H C A N D L E S T I C K ( W E E K L Y )

Prompt Natural Gas

(NG) Daily Sentiment

RESISTANCE

2.82 & 2.85

SUPPORT

2.76 & 2.74

Analysis: Pipeline works pull Russian natural gas flows to Germa-

ny, Slovakia down 9% in July— S&P Global Platts reported: Rus-

sian flows of natural gas into Germany and Slovakia combined

fell back to a five-month low in July on the back of maintenance

works affecting delivery capacity into Germany, data from S&P

Global Platts Analytics showed Wednesday. Total Russian deliver-

I N T H E N E W S Prior Day’s NYMEX

Sep-18 Contract (CT)

© 2018 Mansfield Energy Corp. All rights reserved.

Trading Summary NYMEX NG Futures

BEARISH

Contact Us

Mansfield Energy Corp

1025 Airport Pkwy

Gainesville, GA 30501

www.mansfield.energy

info@mansfieldoil.com

Phone: (800) 695-6626

A U G U S T 1 , 2 0 1 8

2.742.752.762.772.782.792.802.812.822.832.84

8:0

0

8:4

5

9:3

0

10

:15

11

:00

11

:45

12

:30

13

:15

14

:00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

3.25

3.50

3.75

4.00

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

NATURAL GAS

Futures Close Change

NG 2.782 (0.015)

Volume 421,955 (360,360)

Open Int. 1,541,421 25,486

CRUDE AND GASOLINE

Futures Close Change

Crude 68.76 (1.37)

RBOB 2.0805 (0.0327)

Crude/NG 24.72 (0.36)

METALS

Futures Close Change

Gold 1,223.70 (3.10)

EQUITIES

Exchange Close Change

DOW 25,415.19 108.36

S&P 500 -1,482.43 13.69

CURRENCY

Currency Close Change

EUR/USD 1.1690 (0.0001)

USD/CND 1.2405 0.0000

Month Close Change

Sep-18 2.782 (0.015)

Oct-18 2.798 (0.019)

Nov-18 2.843 (0.023)

Dec-18 2.952 (0.022)

Jan-19 3.038 (0.019)

Feb-19 3.005 (0.020)

Mar-19 2.905 (0.020)

Apr-19 2.616 (0.019)

May-19 2.589 (0.019)

Jun-19 2.619 (0.020)

Jul-19 2.651 (0.020)

Aug-19 2.658 (0.019)

Sep-19 2.640 (0.018)

Oct-19 2.658 (0.016)

Nov-19 2.711 (0.015)

Dec-19 2.838 (0.013)

Jan-20 2.931 (0.014)

Feb-20 2.894 (0.014)

Mar-20 2.794 (0.014)

Apr-20 2.511 0.000

May-20 2.475 (0.002)

Jun-20 2.504 (0.002)

Jul-20 2.534 (0.002)

Aug-20 2.541 (0.001)

1YR Strip 2.788 (0.020)

2018 2.844 (0.020)

5YR Strip 2.665 (0.006)

Analysis: Pipeline works pull Russian natural gas flows to Germa-

ny, Slovakia down 9% in July

LNG demand incentivizes development of Trinidad’s natural gas

ies into Germany and Slovakia combined stood at 10.16 Bcm last

month, a fall of 9% when compared to June's levels but a more

sedate drop of 5% on an annual basis. Flows through the Nord

Stream pipeline, which delivers Russian gas directly into northeast

Germany at Greifswald, were close to zero between July 17-29

due to its annual shutdown. However, flows were still slightly

higher than expected last month as the maintenance works were

completed a day earlier than expected, coming in at 2.81 Bcm in

July, down 24% on an annual basis and a more hefty 41% from

June's levels. For more on this story visit spglobal.com or click

https://bit.ly/2Kj0A7b

LNG demand incentivizes development of Trinidad’s natural gas

discoveries— Offshore Technology reported: Trinidad and Tobago’s

(T&T) total 2017 natural gas output grew by an average of 262

million cubic feet per day (mmcfd), representing a growth of 7.7%

with respect to 2016 production mainly due to two major projects,

Juniper and Sercan. Upstream operators committed to spend over

$10 billion in exploration and development activities over five

years starting in 2015. Indeed this new flow of investment is be-

hind BHP’s 2016 LeClerc discovery and Victoria in July 2018, both

in deep water. At present the government continues to reiterate

its intention to set up a subsidiary that would receive and aggre-

gate the upstream natural gas production to then allocate it to

both domestic industry and LNG consumption. For more on this

story visit offshore-technology.com or click https://bit.ly/2O30rXL

W E E K L Y G A S I N U N D E R G R O U N D S T O R A G E W I T H 5 - Y R R A N G E

Page 2 © 2018 Mansfield Energy Corp. All rights reserved.

Release Date: July 26, 2018

A U G U S T 1 , 2 0 1 8

N A T U R A L G A S N E W S

Rig Count

Report Date:

Total Change

US - 1048 +2

CN - 223 +12

July 27, 2018

T R O P I C A L S T O R M A C T I V I T Y — A T L A N T I C

2,273 BCF

24 BCF (LAST WEEK)

(705) BCF (LAST YEAR)

(557) BCF (5-YR AVG)

Total Working Gas In

Storage

U.S. Natural Gas Supply

Gas Week 7/19 — 7/25

Average daily values (BCF/D):

Last Year (BCF/d)

Dry Production — +73.0

Total Supply — +79.4

Last Week (BCF/d)

Dry Production — +80.5

Total Supply — +86.6

[NEXT REPORT ON Aug 3]

U.S. Natural Gas Demand

Gas Week 7/19 — 7/25

Average daily values (BCF/D):

Last Year (BCF/d)

Power — +38.3

Total Demand — +75.6

Last Week (BCF/d)

Power — +39.0

Total Demand — +80.0

[NEXT REPORT ON Aug 3]

EIA Weekly NG Storage

Actual and Surveys for

July 27, 2018

Released July 26, 2018

Range (35) to (63)

PIRA — (29)

Citi Futures — (44)

Reuters — (31)

EIA ACTUAL — 24

Month:

Day Price Day Price

1 16

2 17

3 18

4 19

5 20

6 21

7 22

8 23

9 24

10 25

11 26

12 27

13 28

14 29

15 30

31

Average (Aug)

(through 07/31/2018)

Average (Jul)

Average (Jun)

70.5819

67.3229

August 2018

#DIV/0!-1.8

-1.6

-1.4

-1.2

-1

-0.8

-0.6

-0.4

-0.2

0

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Waha Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

N A T U R A L G A S B A S I S F U T U R E S , H E N R Y H U B S P O T P R I C E S , A N D F O R W A R D C U R V E

Page 3 © 2018 Mansfield Energy Corp. All rights reserved.

A U G U S T 1 , 2 0 1 8

CME NG Option Prices

ATM Call

CME NG Option Prices

ATM Put

N A T U R A L G A S N E W S

2.25

2.75

3.25

3.75

4.25

4.75

5.25

5.75

1 3 5 7 9 11

13

15

17

19

21

23

25

27

29

31

Henry Hub Daily Spot Price

JUL 2018 JUN 2018 MAY 2018

1.75

2.25

2.75

3.25

3.75

4.259/

1/20

18

2/1/

2019

7/1/

2019

12/1

/201

9

5/1/

2020

10/1

/202

0

3/1/

2021

8/1/

2021

1/1/

2022

6/1/

2022

11/1

/202

2

4/1/

2023

9/1/

2023

2/1/

2024

7/1/

2024

12/1

/202

4

5/1/

2025

10/1

/202

5

3/1/

2026

8/1/

2026

1/1/

2027

NYMEX Natural Gas Forward Curve

7/31/2018 7/24/2018 7/2/2018

-1.500

-1.300

-1.100

-0.900

-0.700

-0.500

-0.300

-0.100

0.100

0.300

0.500

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Sumas Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

-0.45

-0.4

-0.35

-0.3

-0.25

-0.2

-0.15

-0.1

-0.05

0

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Michcon Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Transco Zone 6 Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

-1.200

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

San Juan Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

-0.07

-0.06

-0.05

-0.04

-0.03

-0.02

-0.01

0

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Transco Zone 4 Basis (platts Iferc)

7/31/2018 7/24/2018 7/2/2018

Month Strike Close Imp Vol

Oct-18

Nov-18 2.800 0.082 20.6

Dec-18

Jan-19

Feb-19

Month Strike Close Imp Vol

Oct-18

Nov-18 2.800 0.091 18.7

Dec-18

Jan-19

Feb-19

NYMEX WTI Delivery

Month Average ($/bbl)

(Excluding Weekends and Holidays)

Page 4 © 2018 Mansfield Energy Corp. All rights reserved.

W E A T H E R — H I G H / L O W T E M P E R A T U R E T O M O R R O W

HIGH Temperature LOW Temperature

W E A T H E R — 6 T O 1 0 D A Y O U T L O O K — N O A A

Temperature Precipitation

W E A T H E R — 8 T O 1 4 D A Y O U T L O O K — N O A A

Temperature Precipitation

A U G U S T 1 , 2 0 1 8

N A T U R A L G A S N E W S

CME Future Prices

Ethane (C2)

Non-LDH— Mont Belvieu

CME Future Prices

Propane (C3)

Non-LDH— Mont Belvieu

E T H A N E F U T U R E S , N G / E T H A N E R A T I O , P R O P A N E F U T U R E S , A N D T H E F R A C S P R E A D

Page 5 © 2018 Mansfield Energy Corp. All rights reserved.

A U G U S T 1 , 2 0 1 8

N A T U R A L G A S N E W S

Month Close Change

Sep-18 0.357 0.000

Oct-18 0.341 0.008

Nov-18 0.335 0.008

Dec-18 0.328 0.007

Jan-19 0.321 0.006

Feb-19 0.314 0.005

Mar-19 0.308 0.003

Apr-19 0.302 0.003

May-19 0.295 0.003

Jun-19 0.287 0.003

Jul-19 0.284 0.002

Aug-19 0.283 0.003

1YR Strip 0.313 0.004

(cents/gallon)

Month Close Change

Sep-18 0.938 (0.001)

Oct-18 0.953 (0.020)

Nov-18 0.951 (0.019)

Dec-18 0.950 (0.018)

Jan-19 0.949 (0.017)

Feb-19 0.945 (0.016)

Mar-19 0.936 (0.016)

Apr-19 0.920 (0.015)

May-19 0.848 (0.015)

Jun-19 0.785 (0.013)

Jul-19 0.762 (0.011)

Aug-19 0.753 (0.011)

1YR Strip 0.891 (0.014)

(cents/gallon)

0.15

0.20

0.25

0.30

0.35

0.40

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Ethane Futures

7/31/2018 7/24/2018 7/2/2018

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

9/1/

2018

10/1

/201

8

11/1

/201

8

12/1

/201

8

1/1/

2019

2/1/

2019

3/1/

2019

4/1/

2019

5/1/

2019

6/1/

2019

7/1/

2019

8/1/

2019

9/1/

2019

10/1

/201

9

11/1

/201

9

12/1

/201

9

Ethane / Natural Gas Ratio

7/31/2018 7/24/2018 7/2/2018

0.45

0.55

0.65

0.75

0.85

0.95

1.05

9/1/

2018

11/1

/201

8

1/1/

2019

3/1/

2019

5/1/

2019

7/1/

2019

9/1/

2019

11/1

/201

9

1/1/

2020

3/1/

2020

5/1/

2020

7/1/

2020

9/1/

2020

11/1

/202

0

1/1/

2021

3/1/

2021

Propane Futures

7/31/2018 7/24/2018 7/2/2018

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

9/1/

2018

10/1

/201

8

11/1

/201

8

12/1

/201

8

1/1/

2019

2/1/

2019

3/1/

2019

4/1/

2019

5/1/

2019

6/1/

2019

7/1/

2019

8/1/

2019

9/1/

2019

10/1

/201

9

11/1

/201

9

12/1

/201

9

Frac Spread

7/31/2018 7/24/2018 7/2/2018

Prompt WTI (CL) Crude

Daily Sentiment

RESISTANCE

69.99 & 71.23

SUPPORT

67.75 & 66.75

45

50

55

60

65

70

75

80

85

10/1

/201

8

2/1/

2019

6/1/

2019

10/1

/201

9

2/1/

2020

6/1/

2020

10/1

/202

0

2/1/

2021

6/1/

2021

10/1

/202

1

2/1/

2022

6/1/

2022

10/1

/202

2

2/1/

2023

6/1/

2023

10/1

/202

3

2/1/

2024

6/1/

2024

10/1

/202

4

2/1/

2025

6/1/

2025

7/31/2018 7/24/2018 7/2/2018

Ethane : 42% 66,500 btu/g

Propane: 28% 90,830 btu/g

Butane: 11% 102,916 btu/g

Iso-Butane: 6% 98,935 btu/g

Natural Gasoline: 13%

115,021 btu/g

BULLISH

B R E N T C R U D E F O R W A R D C U R V E

Page 6 © 2018 Mansfield Energy Corp. All rights reserved.

W T I C R U D E F O R W A R D C U R V E

W T I — B R E N T S P R E A D

NYMEX WTI (CL) Futures

NYMEX Brent (BZ)

Futures

Prompt NGL Futures

($/gallon)

FRAC Spread

Specifications

FOLLOW US ON TWITTER:

@MPG_NatGasNews

A U G U S T 1 , 2 0 1 8

N A T U R A L G A S N E W S

Close Change

1.244 (0.005)

1.207 (0.001)

1.516 (0.001)

Iso-Butane

Nat Gasoline

Sep-18

Butane

45

50

55

60

65

70

75

80

85

9/1/

2018

2/1/

2019

7/1/

2019

12/1

/201

9

5/1/

2020

10/1

/202

0

3/1/

2021

8/1/

2021

1/1/

2022

6/1/

2022

11/1

/202

2

4/1/

2023

9/1/

2023

2/1/

2024

7/1/

2024

12/1

/202

4

5/1/

2025

10/1

/202

5

3/1/

2026

8/1/

2026

1/1/

2027

7/31/2018 7/24/2018 7/2/2018

(12)(11)(10)

(9)(8)(7)(6)(5)(4)(3)(2)(1)0

10/1

/201

8

2/1/

2019

6/1/

2019

10/1

/201

9

2/1/

2020

6/1/

2020

10/1

/202

0

2/1/

2021

6/1/

2021

10/1

/202

1

2/1/

2022

6/1/

2022

10/1

/202

2

2/1/

2023

6/1/

2023

10/1

/202

3

2/1/

2024

6/1/

2024

7/31/2018 7/24/2018 7/2/2018

Month Close Change

Sep-18 68.76 (1.37)

Oct-18 67.63 (1.32)

Nov-18 67.27 (1.24)

Dec-18 66.97 (1.17)

Jan-19 66.71 (1.11)

Feb-19 66.31 (1.07)

Mar-19 65.95 (1.04)

Apr-19 65.64 (1.01)

May-19 65.36 (0.99)

Jun-19 65.07 (0.95)

Jul-19 64.75 (0.94)

Aug-19 64.44 (0.91)

Sep-19 64.15 (0.90)

Oct-19 63.88 (0.88)

Nov-19 63.61 (0.86)

Dec-19 63.35 (0.85)

Jan-20 63.03 (0.84)

Feb-20 62.73 (0.82)

Mar-20 62.44 (0.80)

Apr-20 62.17 (0.78)

May-20 61.92 (0.77)

Jun-20 61.67 (0.74)

Jul-20 61.38 (0.71)

Aug-20 61.12 (0.69)

1YR Strip 66.24 (1.09)

2018 67.66 (1.28)

5YR Strip 60.24 (0.65)

Month Close Change

Oct-18 74.21 (1.34)

Nov-18 74.39 (1.36)

Dec-18 74.43 (1.38)

Jan-19 74.38 (1.38)

Feb-19 74.26 (1.36)

Mar-19 74.09 (1.34)

Apr-19 73.91 (1.30)

May-19 73.69 (1.26)

Jun-19 73.43 (1.24)

Jul-19 73.19 (1.22)

Aug-19 72.93 (1.21)

Sep-19 72.66 (1.21)

Oct-19 72.37 (1.19)

Nov-19 72.10 (1.19)

Dec-19 71.79 (1.18)

Jan-20 71.50 (1.17)

Feb-20 71.23 (1.16)

Mar-20 70.96 (1.14)

Apr-20 70.68 (1.13)

May-20 70.43 (1.10)

Jun-20 70.17 (1.08)

Jul-20 69.89 (1.06)

Aug-20 69.61 (1.04)

Sep-20 69.33 (1.02)

1YR Strip 73.80 (1.30)

2018 74.34 (1.36)

5YR Strip 68.20 (0.91)