Market Updates

Daily Market Update - March 29, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading flat to yesterday’s close at $1.85.  The May16 crude contract is down $0.79 at $38.60. 

Summary

Apr16 natural gas futures gained 4.2 cents yesterday, settling at $1.848/MMBtu in anticipation of the contract’s expiration today.  In its second last day of trading, the Apr16 contract spent most of the morning bouncing in and put of negative territory, before rising steadily throughout the afternoon.  The latest weather forecasts from the National Weather Service show warmer-than-normal temperatures extending across the entire western half of the country, with below-normal temperatures blanketing most of the East and stretching into the Upper Midwest in the 6-10 day outlook.  Both scenarios offer some support as heating demand lingers in the East, while the western heat could generate early cooling demand.  The threat of prolonged higher-than-normal demand as we enter the shoulder season prompted traders to close out short bets before April rolls off the books.  However, the 8-14 day outlook shows the area of above-average temperatures growing larger, while the colder areas in the East recede.  This may indicate that there still remains downside risk as temperatures moderate.

Market Update 032916

Market Settles 032816

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