Market Updates

Daily Market Update - February 1, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading down $0.12 at $2.18.  The Mar16 crude contract is down $1.12 at $32.50.

Summary

Natural gas futures prices were given a boost on Friday, as the latest weather forecasts show another bout of below-normal temperatures covering most of the eastern two-thirds of the country in the 8-14 day outlook.  As well, prices were supported by a larger-than-expected storage withdrawal announced by the U.S. Energy Information Administration on Thursday for the week to Jan. 22.  Overall, the market remains bearish, with healthy natural gas production and a plethora of gas in underground storage facilities, but weather is the primary driver for prices right now, and traders took advantage of the colder forecasts to push the prompt month up 11.6 cents on Friday.  The Mar16 contract closed out the week settling at $2.298/MMBtu, up almost 16 cents (7.4%) for the week.  However, some of the outlooks by private weather forecasting services are not as cold, and natural gas prices reflect that this morning, with the Mar16 contract trading almost 12 cents below Friday’s close.  U.S. dry production reached 72.3 Bcf/d yesterday, but dropped 0.6 Bcf/d today to 71.7 Bcf/d.  However, the decline in production was offset by imports from Canada, which are up an equal amount today to 5.7 Bcf/d.  Powerburn increased by 1.5 Bcf/d from the weekend, but today's 22.6 Bcf/d is still significantly lower than January’s average of 25.3 Bcf/d.

Market Update 020116

Market Settles 012916

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