Market Updates

Daily Market Update - February 23, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading up $0.02 at $1.84.  The Apr16 crude contract is down $0.09 at $33.30. 

Summary

With what just might be the last gasp of winter, colder weather forecasts for the Great Lakes area over the next week or two helped push natural gas prices up from two-moth lows yesterday.  A growing oversupply, however, helped squelch gains.  The Mar16 NYMEX contract rose 1.7 cents in this week’s opening session, settling at $1.821/MMBtu.  March was the only month to experience gains, as every other month through Dec23 lost ground.  Yet again, the 2017-2023 hit fresh all-time lows on Monday, and the 12-mo strip settled at its lowest level ($2.167/MMBtu) since April 7, 1999.  Yesterday’s weather forecasts showed polar vortex air dropping down into the Great Lakes region, but shifts in forecasting models overnight are showing that the mass of cold air may stay north of the border, hinting at warmer temperatures than previously projected for this weekend.  Extended forecasts are showing warmer-than-normal conditions throughout March and April.  Meanwhile, dry U.S. production has slipped to 72.9 Bcf/d today, down from the 73.8 Bcf/d record reached last Friday.  Power burn and residential/commercial demand are both up 0.5 Bcf/d day-over-day, with total U.S. demand up 1.3 Bcf/d today.

Market Update 022316

Market Settles 022216

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