Market Updates

Daily Market Update - January 7, 2016

Daily market update

Early Morning Update

The Feb16 natural gas contract is trading up $0.02 at $2.29.  The Feb16 crude contract is down $1.02 to $32.95.


In their biggest loss in a week, prices for natural gas for delivery in February moved decidedly lower yesterday in the wake of warmer weather forecasts.  The prompt month settled at $2.267/MMBtu, down 5.8 cents.  With winter weather as the key driver of prices right now, the market expects demand for natural gas to be tempered as forecasts show a warming trend over the next two weeks.  The next three weekly storage withdrawals reported by the U.S. Energy Information Administration are expected to be the largest of the season so far, but still total about 70 Bcf less than the five-year average total.  Estimates for today’s report for the week to Jan. 1 range from 65 to 115 Bcf, with a consensus formed around a 95 Bcf withdrawal.  Crude oil prices fell to their lowest level in almost 12 years, with Brent crude trading as low as $32.16 yesterday.  One key driver of oil prices right now is the continuing market turmoil in China, the world’s second largest consumer of oil.  China consumes about 12% of the world’s oil, second only to the U.S.  Trading in Chinese markets was halted 30 minutes after they opened yesterday, as a newly installed mechanism to limit volatility was triggered for the second time this week.

Market Update 010716

Market Settles 010616

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