Market Updates

Daily Market Update - March 9, 2016

Daily market update

Early Morning Update

The Apr16 natural gas contract is trading up $0.03 at $1.74.  The Apr16 crude contract is up $0.60 at $37.10.


For the third straight session, Apr16 natural gas futures continued their upswing, settling at $1.712/MMBtu, up 2.2 cents on the day.  With no significant changes in market fundamentals, the gains appear to be the result of bearish traders buying to close out short positions.  In its latest Short-term Energy Outlook, the U.S. Energy Information Administration has reported that they expect natural gas prices to begin a slow rise in May, but remain under $3/MMbtu through December.  The EIA sees the demand for natural gas growing in 2016 and 2017, driven by consumption increases in the power and industrial sectors.  Gas used for power generation is projected to grow by 3.0% in 2016, then decline by 1.7% in 2017 as natural gas prices increase.  Industrial demand is seen rising by 2.9% in 2016 and by another 2.2% in 2017.  Total demand for natural gas will average 76.8 Bcf/d in 2016 and 77.3 Bcf/d in 2017, which compares with 75.3 Bcf/d in 2015, according to the EIA.  The government agency’s data also shows growth in natural gas production slowing to 0.9% due to low prices and declining rig counts.  However, production growth in 2017 is expected to increase to 2.1% as prices rise, industrial demand increases, and LNG exports continue to grow.  LNG exports should average 0.5 Bcf/d in 2016, and ramp up to average 1.3 Bcf/d in 2017.

Market Update 030916

Market Settles 030816

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