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Daily Market Update January 11, 2017

Early Morning Update

The Feb17 natural gas contract is trading up $0.02 at $3.30.  The Feb17 crude contract is up $0.58 at $51.40.


Yesterday, the Feb17 natural gas contract increased by 17.5 cents, erasing nearly all of Monday’s declines and settling at $3.278/MMBtu. Market fundamentals yesterday were mostly unchanged; however, $3.10 is a strong support level and most likely induced bargain purchasing after the price of the prompt month had decreased by 21% since late December. The EIA released their short term outlook Tuesday indicating growth in U.S. natural gas production and consumption over the next two years. The latest rig count from Baker Hughes seems to support a growth in production, reporting an increase of three gas rigs week-over-week. January 6th’s rig report brings the total gas rigs to 135 in the U.S. Gas rigs are at a 13 rig deficit to last year for the same week. Despite an increase in gas rigs, U.S. dry natural gas production dropped off over the past week and remains lackluster. Production is estimated today at 69.5 Bcf/d, a decrease of 1.0 Bcf/d decrease over the past week.

Market Update 011117

Market Settles 011017

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