Market Updates

Daily Market Update - January 28, 2016

Daily market update

Early Morning Update

The Feb16 natural gas contract is trading down $0.04 at $2.11.  The Mar16 crude contract is up $0.60 at $32.90.

Summary

The Feb16 natural gas contract expired yesterday, but not before squeezing out a gain of 0.9 cent, ultimately settling at $2.189/MMBtu.  The March16 contract, which takes the driver seat as the prompt month today, barely changed, losing just 0.1 cent to settle at $2.157/MMBtu.  Cooler weather forecasts provided support, as did the expectancy of the fourth consecutive triple-digit storage withdrawal, which is also expected to be the largest pull from storage so far this season.  Estimates for the storage withdrawal for the week to Jan. 22 range from 197-214 Bcf, with consensus formed around a 207 Bcf reduction in inventory.  This is much larger than the 112 Bcf draw seen last year for the same week, as well as the 170 Bcf five-year average.  Data from the National Oceanic and Atmospheric Administration is showing 9.3% more heating degree days than average during the reporting week, and 34.4% more than last year.  U.S. dry production stands at 71.6 Bcf/d, up 0.1 Bcf/d from Wednesday, while power burn declined in every region except the Northeast, totaling a reduction of 0.9 Bcf/d to 24.7 Bcf/d.

Market Update 012816

Market Settles 012716

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