Market Updates

Daily Market Update - February 18, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading down $0.05 at $1.89.  The Mar16 crude contract is up $0.74 at $31.40. 

Summary

Mar16 natural gas futures rose 3.9 cents yesterday, settling at $1.942/MMBtu.  However, overnight trading saw those gains completely erased, as the prompt month is trading more than five cents lower this morning ahead of today’s storage report.  The U.S. Energy Information Administration is scheduled to release storage data at 10:30 a.m. today, and the market is expecting a withdrawal of 151 Bcf for the week to Feb. 12, with estimates ranging from 135 to 163 Bcf.  This is much larger than last year’s 117 Bcf pull, but still smaller than the 170 Bcf five-year average.  We are currently on pace to finish the season with 2.2 Bcf of gas in the ground, and with a lack of any significant weather-related demand, the overall market view remains bearish.  Weather forecasts through the end of winter show cold temperatures settling in areas of the country where heating demand is usually minimal, as milder weather dominates the rest of the nation.  Next week’s pull from storage is projected to be similar in magnitude to this week’s, but succeeding withdrawals should drop to double digits as production continues at a record pace and heating demand all but evaporates.

Market Update 021816

Market Settles 021716

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