Market Updates

Daily Market Update - March 2, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading down $0.07 at $1.67.  The Apr16 crude contract is down $0.40 at $34.00.

Summary

Natural gas prices took a break from their downslide yesterday, gaining 3.1 cents to settle at $1.742/MMBtu.  Prices fell to their lowest level since March 1999 early in Tuesday’s session, but recovered in the afternoon to post the day-over-day gain.  Total U.S. demand is up 4.6 Bcf/d to 84 Bcf/d today, up from sub-80 Bcf/d levels seen the previous two days.  ResComm demand saw an increase of 3.4 Bcf/d in the Midwest and 1.1 Bcf/d in the Northeast, and these levels are expected to be maintained through the end of the week when the current “last gasp of winter” is forecast to end.  Heading into next week, widespread record warmth is expected in the Midwest, with many areas seeing highs in the 70s, while the majority of the country is blanketed with above-average temperatures.  Total U.S. supply is down 1.2 Bcf/d today, led by a drop  in dry production, which is projected to sink to 72.2 Bcf/d today, its lowest level since late January.  LNG sendout similarly fell to nearly zero after averaging 0.7 Bcf/d through the prior six days.

Market Update 030216

Market Settles 030116

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