Market Updates

Daily Market Update - January 15, 2016

Daily market update

Early Morning Update

The Feb16 natural gas contract is trading down $0.02 at $2.12.  The Feb16 crude contract is down $1.30 to $29.90.

Summary

Despite being the largest withdrawal so far this season, the reduction in natural gas storage facilities for the week to Jan. 8 reported by the U.S. Energy Information Administration yesterday was less than analysts projected, and the market reacted accordingly.  The prompt month fell $0.06 immediately on the news, and eventually fell 13 cents day-over-day, settling at $2.139/MMBtu.  The EIA reported a 168 Bcf pull from storage inventories, which came in under the 178 Bcf five-year average and well below last year’s 220 Bcf for the same week.  Storage levels now stand at 3,475 Bcf, with outlooks for a more than adequate inventory by the end of the withdrawal season.  There is growing concern that supply could overcome storage capacity limitations by the end of the next injection season.  Total dry natural gas production rose 0.3% week-over-week, recovering from freeze-offs reported the previous week, when production slipped to as low as 68.2 Bcf/d.  Imports from Canada rose 3.6% from last week, and LNG sendout rose 20.8% this week.

Market Update 011516

Market Settles 011416

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