Market Updates

Daily Market Update - February 4, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading down $0.04 at $2.00.  The Mar16 crude contract is down $0.18 at $32.10.

Summary

Mar16 natural gas futures experienced a bit of a dead cat bounce yesterday, recovering 1.3 cents after falling precipitously more than 27 cents in the first two sessions of the week.  The momentary lapse of decline comes one day ahead of the release of storage inventory data to be released this morning by the U.S. Energy Information Administration.  The weekly storage report is expected to show natural gas stocks fell by much less than last week’s 211 Bcf pull from storage, supported by data from the National Oceanic and Atmospheric Administration, which show there were 3.1% fewer heating degree days than last year, and 15.4% fewer than normal for the reporting week.  Estimates for the storage withdrawal for the week to Jan. 29 range widely, from 150 Bcf to 201 Bcf, with a consensus around 168 Bcf.  Bentek Energy’s projection is considerably less at 148 Bcf.  The EIA reported that, despite a winter storm dumping a considerable amount of snow across the East Coast, residential and commercial demand was down from the previous week when temperatures were lower.  Demand in the industrial sector fell by 2.0%, and the demand for gas used for the generation of power declined by 0.9%.

Market Update 020416

Market Settles 020316

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