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Daily Market Update February 10, 2017

Early Morning Update

The Mar17 natural gas contract is trading down $0.13at $3.00.  The Mar17 crude contract is up $0.86 at $53.86.

 

Summary

A quiet day on the NYMEX as the prompt NG contract finished up $.015 to close the day at $3.141.  The EIA reported a –147 draw from storage but at the same time, reclassified 5 Bcf of gas, with the net effect being a –152 draw, exactly in-line with estimates.  The market opened the day up $.04 but very slowly slid throughout the day, at one point reaching $3.11 before rebounding slightly.  Weather forecasts are still indicating above-average temperatures for most of the country through the end of February.  This has raised end-of-season storage estimates to roughly 1.82 Tcf.  However with weak production levels continuing, early end-of-summer estimates are falling below 5-year averages at 3.6 Tcf.  The prospect of going into next winter with storage levels below historic averages has been keeping the Cal ‘18 elevated relative to Cals ‘19-’23.


Market Update 021017

Market Settles 020917

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