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Daily Market Update February 14, 2017

Early Morning Update

The Mar17 natural gas contract is trading down $0.02 at $2.92.  The Mar17 crude contract is up $0.34 at $53.27.



With less than a third of the heating season left and no cold on the horizon, March futures slid another 9 cents to close at $2.944. This is the lowest close in 12 weeks, and the first close below $3.00 since November 22nd. New support levels are expected to be tried over the coming weeks as well above average temperatures prevail through the 14 day forecast and demand likely to be stifled by low residential and commercial pulls. The CFTC reported a third consecutive week of additions to the net short positions of traders, suggesting a possible retreat to the March 2017 low of $2.764, hit on November 9, 2016. Future calendar strips for 2018 through 2023 all decreased one to three cents yesterday, with calendar years 2022 and 2023 hitting new all-time lows at $2.859 and $2.879, respectively. The Energy Information Agency is reporting a 0.5 bcf/day recovery in shale gas production for the month of March, another possible sign of continuing the trend of lower than historical average weekly withdraws from natural gas storage.

Market Update 021417

Market Settles 021317

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