Market Updates

Daily Market Update - February 11, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading up $0.02 at $2.07.  The Mar16 crude contract is down $0.65 at $26.80.

Summary

In the face of overall bearish conditions, the Mar16 natural gas contract lost another 5.2 cents yesterday, settling at $2.046/MMBtu.  The current cold spell will be reflected in future storage reports, but the weekly report due out this morning by the U.S. Energy Information Administration should show a very modest withdrawal for the week to Feb. 5.  For the reporting week, degree day data from the National Oceanic and Atmospheric Administration shows there were 25.1% fewer heating degree days than last year for the corresponding week, and 20.9% less than normal.  Bentek Energy is projecting a 70 Bcf decline in natural gas stockpiles, which is extremely bearish compared to last year’s 153 Bcf pull, as well as the 168 Bcf five-year average.  The next two storage withdrawals will most likely return to triple-digit numbers to reflect the current chilly weather, but then retreat to double digits in the weeks thereafter as we return to above-normal temperatures for most of the country.  Near-term markets aren’t the only ones looking bearish, though, as the 2018-2023 calendar strips settled at fresh all-time lows yesterday.

Market Update 021116

Market Settles 021016

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