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Daily Market Update January 12, 2017

Early Morning Update

The Feb17 natural gas contract is trading up $0.10 at $3.32.  The Feb17 crude contract is up $0.45 at $52.70.


The market was less volatile on Wednesday, with the prompt closing the trading session down 5.4 cents at $3.224/MMBtu. The 12-month strip also declined and settled at $3.306, after trading as high as $3.697 on December 28th. Weather has shifted much warmer across much of the U.S., reducing expected heating demand in the coming weeks. Production has been anything but stable lately, bumping up and down between 69 and 71 Bcf/d despite the shift in weather forecasts and the resulting price volatility we’ve seen for near-term strips. The market is projecting a 134 Bcf withdrawal for the week to January 6 when the U.S. Energy Information Administration releases their weekly storage report later this morning. For the review week, cooling degree days were 5.6% higher than last year and 1.8% more than average. However, it is likely that commercial and industrial demand were suppressed due to the New Year’s holiday. Storage currently stands at 3.311 Tcf, below last year at this time, as well as the 5-year average.

Market Update 011217

Market Settles 011117

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