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Daily Market Update February 7, 2017

Early Morning Update

The Mar17 natural gas contract is trading up $0.08 at $3.13.  The Mar17 crude contract is down $0.31 at $52.70.



The pricing slide that has dominated the March 2017 contract nearly every day since it began trading as the prompt month slackened to a crawl yesterday, as it ticked down one cent to $3.050/MMBtu. The remainder of 2017, as well as calendar strips for 2018-20, all moved up less than two cents on the day. Nationwide average temperatures are projected to be nearly eight degrees above five-year averages for February. Weather forecasts, solidifying their bearish sentiments, are now estimating heating demand to fall under five-year low levels for February. Through February 20th, residential heating demand is expected to be a full 10 Bcf/d below the five-year average. This vast reduction in demand may very well continue to diminish weekly withdrawals, keeping storage bolstered between 2016 and five year average levels. Strong natural gas stores will be of increasingly greater importance during the summer months, as over 11,000 MW of natural gas-fired generation is expected to come online in 2017, and more than 25,000 MW is slated to be added in 2018.

Market Update 020717

Market Settles 020617

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