Market Updates

Daily Market Update - April 4, 2016

Daily market update

Early Morning Update

The May16 natural gas contract is trading up $0.06 at $2.02.  The May16 crude contract is up $0.11 at $36.90.

Summary

On Friday, the natural gas market closed 0.3 cent lower than the previous session to end the week at $1.956/MMBtu.  After all the daily gains and losses seen last week, May16 natural gas futures are up just 1.5 cents since last Monday.  Weather outlooks show some lingering heating demand in the Northeast and parts of the Midwest for the next week or so, but temperatures should gradually warm up in the second and third week of April.  Demand for natural gas will likely begin to erode, which should support steady weekly storage injections.  The near-record amount of gas in storage at the end of the withdrawal season continues to put downward pressure on prices, but production has been slipping lately.  U.S. dry production averaged 71.9 Bcf/d last week, down 0.2 Bcf/d week-over-week.  Last Thursday, the U.S. Energy Information Administration reported a 25 Bcf withdrawal for the week to March 25, leaving gas stockpiles at 2,468 Bcf, 1,002 Bcf (68%) higher than last year and 843 Bcf (52%) above the five-year average.  LNG feedgas volumes maintained their recent strength, and set a new single day high above 730 MMcf/d last week.

Market Update 040416

Market Settles 040116

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