Market Updates

Daily Market Update December 16, 2016

Daily market update

Early Morning Update

The Jan17 natural gas contract is trading down $0.05 at $3.38.  The Jan17 crude contract is up $0.28 at $51.18.

 

Summary

Continued market volatility yesterday as the prompt month traded within a $0.19 range, trading as high as $3.58 and as low as $3.29 before ultimately settling at $3.434, down $.106.  The EIA reported a larger than expected draw from storage of 147 Bcf.  Next weeks’ report will be based on the cold weather currently blanketing much of the country and is estimated to be near 200 Bcf.  But with above average temperatures moving in, the following weeks draw is expected to only be near 100 Bcf.  NG production, which had been falling, has rebounded slightly and is approaching 72 Bcf/d, up from a recent low of 70 Bcf/d. 

With this recent cold snap, next-day pricing in the northeast has rallied sharply with several locations trading in the triple digits for todays’ flow.  These prices should relax as weather forecasts call for moderating temperatures starting this weekend.

 

Market Update 121616

Market Settles 121516

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