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Daily Market Update February 3, 2017

Early Morning Update

The Mar17 natural gas contract is trading down $0.12 at $3.06.  The Mar17 crude contract is up $0.17 at $53.71.



The NYMEX prompt month finished up $.019 to close the day at $3.187.  The market started the day lower and gradually moved higher throughout the morning, and continued to move higher after the storage report.  The EIA reported a draw from storage of 87 bcf, in-line with expectations, but the market moved higher after the report anyway.  The prompt month eventually got as high as $3.209 before giving up some ground to end the day.  The near term NG markets are having a hard time sustaining upward movement due to the most recent weather forecasts which show above-average temperatures for most of the country through the end of the month.  Weather forecasts have been volatile but the latest round are overwhelmingly bearish and this has been pressuring the front of the NG curve.  The latest round of estimates for end-of-season storage call are near 1.8 Tcf, near the 5-year average.

Market Update 020317

Market Settles 020217

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