Market Updates

Daily Market Update December 19, 2016

Daily market update

Early Morning Update

The Jan17 natural gas contract is trading down $0.02 at $3.40.  The Jan17 crude contract is down $0.15 at $51.75.

 

 

Summary

Winter weather continues to steal the show as short-term gas prices continued their slide on Friday and late-month forecasts turn warmer in the Northeast and Midwest with each run.  The January delivery contract ended the week of the 16th at $3.42/MMBtu, down two cents day-over-day, and down a drastic 27 cents-week-over week from the almost two-year high that was set one week prior.  Such "balmy" conditions are expected to linger in these regions until the second week of January, eating away at any expectations of increased heating demand.  Last week's cold, however, is likely to take large chunks out of gas stockpiles and increase the year-over-year storage deficit as the current withdrawal range is spanning from 177-201 Bcf for the week of Dec 16th.  These withdrawals compare heavily to the 101 Bcf five-year average and last year's 33 Bcf withdrawal for the same week.  Long-term gas contracts are up only slightly, while corresponding power contracts continue to hover near their all-time lows.

Market Update 121916

Market Settles 121616


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