Market Updates

Daily Market Update December 21, 2016

Daily market update

Early Morning Update

The Jan17 natural gas contract is trading up $0.22 at $3.48.  The Jan17 crude contract is up $0.20 at $53.50.

Summary

With weather forecasts indicating less heating demand in the coming weeks, the Jan17 natural gas contract lost another 12.9 cents during Tuesday’s trading session, settling at $3.263/MMBtu. The National Weather Service increased chances for warmer-than-average weather for the eastern two thirds of the country in their 6-10 and 8-14 day forecasts yesterday. The west coast forecast was unchanged and is still predicted to be three to five degrees cooler than the 30-year normal. Calendar strips, which had been stubborn to give away previous gains, also traded down yesterday. 2017 lost 14.4 cents, 2018 lost 8.4 cents, and 2019-2021 lost an average of 4.6 cents, while 2023 reached an all-time low. Earlier this week, NRG Energy released news of completing the conversion of four of their coal-fired power plants, totaling 2,780 MW in Louisiana, Illinois, and Pennsylvania, to natural gas. Average power burn for 2016 set records at 25.5 Bcf/d, and with more coal-fired to gas-fired power plant conversions planned for the future, power burn is anticipated to be a huge demand driver in the coming years.

Market Update 122116

Market Settles 122016

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