Market Updates

Daily Market Update - January 29, 2016

Daily market update

Early Morning Update

The Mar16 natural gas contract is trading up $0.08 at $2.26.  The Mar16 crude contract is up $0.38 at $33.60.

Summary

In its weekly storage report yesterday, the U.S. Energy Information Administration announced the largest storage withdrawal of the season, a 211 Bcf pull from natural gas stockpiles for the week to Jan. 22.  The Mar16 contract was trading almost $0.05 lower than Wednesday’s settle before the data was released, then jumped about six cents on the news, and steadily climbed higher throughout the afternoon.  The prompt month eventually settled at $2.182/MMBtu, up 2.5 cents day-over-day.  The current bout of cold weather and less bearish weather in mid-term outlooks provided some support, while the upside remains limited as the market turns its attention to post-winter, with plenty of gas in storage despite the recent string of triple-digit withdrawals.  The total amount of gas in storage now stands at 3,086 Bcf, 530 Bcf (21%) above last year at this time and 432 Bcf (16%) more than the five-year average.  The latest weather forecasts have been trending colder, and if the models hold, the week of Feb. 8 could end up being the coldest week of this winter.

Market Update 012916

Market Settles 012816

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