Market Updates

Daily Market Update - February 8, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading up $0.09 at $2.15.  The Mar16 crude contract is down $0.99 at $29.90.

Summary

With little fundamental support, natural gas futures moved higher on Friday as traders took advantage of the week’s previous losses with short-covering and bargain hunting.  The Mar16 NYMEX contract finished the week at $2.063/MMBtu, up 9.1 cents day-over-day.  Despite intermittent cold spells this winter, fluctuating weather patterns have failed to provide a consistent winter chill to drive heating demand, and current weather forecasts do not show much of a change.  The latest 6-10 day outlook from the National Weather Service shows below-normal temperatures for the eastern third of the U.S., with a band of normal temperatures running down the middle of the country, and above-normal temperatures across the entire western half of the country.  The area of below-average temperatures in the east shrinks in the 8-14 day outlook, as the warmer temperatures in the West spread out to engulf the majority of the U.S.  Meanwhile, lower 48 U.S. production remained flat over the weekend at an average of 72.7 Bcf/d, while production in the Northeast set a new all-time high on Friday of 23.1 Bcf/d.  The colder weather forecast for this week will help drive up demand for natural gas, as an expected 5.3 Bcf/d increase on Tuesday will bring total U.S. demand above 100 Bcf/d, where it is expected to remain through the end of the week.

Market Update 020816

Market Settles 020516

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