Market Updates

Daily Market Update - January 27, 2016

Daily market update

Early Morning Update

The Feb16 natural gas contract is trading up $0.03 at $2.21.  The Mar16 crude contract is down $0.65 at $30.80.

Summary

Weather forecasts for the next two weeks show cooler temperatures than previously forecast, which could increase demand for natural gas, but in the meantime, helped boost prices yesterday.  The Feb16 NYMEX contract rose 2.2 cents on Tuesday, settling at $2.180/MMBtu.  Natural gas has seen gains in five consecutive sessions, although rising only 4.3% as prices have stuck closely to a 10-cent range.  Some of yesterday’s gains could be attributed to short-covering as the Feb16 contract is set to expire today and Mar16 becomes the prompt month on Thursday.  The March16 contract, which has been more actively  traded, settled at $2.158/MMBtu, up 0.3 cent.  Mild weather so far this winter has kept demand in check, which, in turn, has limited the amount of gas withdrawn from storage.  Although the current short-term weather forecasts show cooler temperatures prevailing, it is uncertain how long the cold weather will linger.  Uncertainty in weather outlooks have created volatility in the natural gas market lately, although the market remains bearish overall.

Market Update 012716

Market Settles 012616

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