Market Updates

Daily Market Update - March 24, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading down $0.02 at $1.78.  The Apr16 crude contract is down $0.89 at $38.90.


Similar to this week’s opening session, Apr16 natural gas futures took a tumble yesterday, falling 6.9 cents to settle at $1.794/MMBtu yesterday.  With overall bearish fundamentals pressuring prices, the latest weather outlooks, which are slightly warmer than previously forecast, helped to reverse recent gains.  The market’s attention has turned to the weekly storage report to be issued by the U.S. Energy Information Administration at 10:30 this morning.  Covering the week to March 18, expectation are for the first injection of the year to be reported by the EIA, somewhere in the neighborhood of a 24 Bcf growth in natural gas inventories.  However, the withdrawal season isn’t done just yet.  Bentek Energy is currently projecting one last withdrawal next week due to the colder-than-normal weather we are currently experiencing.  Bentek’s end-of-season estimate is 2,497 Bcf, which, if actualized, would be the highest level ever for natural gas stockpiles heading into summer.  Friday, March 25, is a company holiday for Direct Energy and our offices will be closed, so there will be no Daily Market Update issued tomorrow.

Market Update 032416

Market Settles 032316

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