Market Updates

Daily Market Update - March 3, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading down $0.03 at $1.65.  The Apr16 crude contract is down $0.16 at $34.50.

Summary

The natural gas prompt month fell to a new 17-year low yesterday, settling at $1.678/MMBtu, down 6.4 cents on the day.  Looking past what is expected to be the last cold wave of the winter, the market is eyeing weather forecasts calling for a significant warm-up next week and the accompanying drop in heating-related demand.  Weekly storage data to be reported by the U.S. Energy Information Administration this morning for the week to Feb. 26 is expected to show a miniscule drop in natural gas inventories.  Estimates for the weekly pull from stocks range from 30 to 47 Bcf, with a consensus formed around a 37 Bcf withdrawal.  The small change in storage levels is due to mild weather and lackluster demand during the reporting week.  Compared to historical numbers, the withdrawal is much smaller than the 227 Bcf withdrawal reported last year for the same week, as well as the 137 Bcf five-year average.

Market Update 030316

Market Settles 030216

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