Market Updates

Daily Market Update - February 9, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading down $0.03 at $2.11.  The Mar16 crude contract is down $0.19 at $29.50.


Colder weather outlooks are lending support to near-term natural gas prices, as the prompt month gained another 7.7 cents yesterday, settling at $2.140/MMBtu.  After last week’s slide that pushed prices below the $2.00 technical trading level on Thursday, the prompt month has rebounded 8.5% in the last two trading sessions.  In its 6-10 day outlook, the National Weather Service is forecasting much-below normal temperatures for the eastern third of the country, which covers some of the key regions of the country that use natural gas for heating.  Residential/commercial demand is up 4.4 Bcf/d from yesterday, and power burn increased by 1.3 Bcf/d.  Total demand is expected to increase by an additional 2.3 Bcf/d tomorrow, with an incremental 3.7 Bcf/d of demand in the Midcon, Northeast, and Southwest offsetting a roughly 1.5 Bcf/d decline spread across the Southeast, Rockies, and Texas, where temperatures should remain above normal.  Near-term gains are buttressed by the lingering cold in some regions and the imminent cold-wave arriving this week, while longer-terms, which aren’t swayed by weather, continue to fall.  The NYMEX natural gas calendar strips for 2019 through 2023 hit fresh all-time lows yesterday.  The 2018 calendar strip hit an all-time low last Tuesday.

Market Update 020916

Market Settles 020816

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