Market Updates

Daily Market Update - February 16, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is down $0.05 at $1.91.  The Mar16 crude contract is down $0.15 at $29.30. 

Summary

Amid a lack of fundamental support, the Mar16 natural gas contract extended losses last Friday ahead of the holiday weekend.  Mild weather in the closing weeks of winter should keep heating demand at bay and limit withdrawals from storage, leaving an abundance of gas available at the end of the winter withdrawal season.  The prompt month lost another 2.8 cents in last week's closing session, settling at $1.996/MMBtu, and reinforcing sub-two dollar prices.  The 2018-2023 calendar strips, again, reached fresh all-time lows on Friday, as well.  The U.S. Energy Information Administration reported Thursday that natural gas storage inventories sit at 23% above the five-year average and 25% more than last year at this time.  With above-normal temperatures in store for most of the country in the coming weeks, natural gas prices should remain relatively cheap for awhile.  The only possible bullish event in the near future could be a warmer-than-normal summer, which is still quite some time away.

Market Update 021616

Market Settles 021216

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