Market Updates

Daily Market Update - March 21, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading down $0.04 at $1.87.  The Apr16 crude contract is down $0.24 at $39.20.

Summary

Weather forecasts over the past several weeks had been calling for an early end to winter, but recent outlooks over the past week have shifted to throw some uncertainty into the picture.  The latest forecasts from the National Weather Service are calling for colder conditions across the central part of the country, and warmer temperatures along both coasts, especially in the West.  A three-day rally last week ended on Friday, as Apr16 natural gas futures lost 2.9 cents, closing the week at $1.907/MMBtu.  Overall, fundamentals remain bearish, with storage only declining 1 Bcf in the week to March 11, when storage inventories normally drop by about 80 Bcf, and may end the withdrawal season at a record high level.  Production, although down about 2 Bcf/d from the 73.8 Bcf/d record reached on February 19, continues to be strong despite record low rig counts.  Some market analysts believe the prompt month decline on Friday was likely the result of profit-taking by traders taking advantage of the recent price rally.  Natural gas prices have escalated more than 15% since hitting a 17-year low in early March, but are still 30% below where they were last year at this time.

Market Update 032116

Market Settles 031816

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