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Daily Market Update January 20, 2017

Early Morning Update

The Feb17 natural gas contract is trading down $0.07 at $3.30.  The Feb17 crude contract is up $1.10 at $52.47.


After spending most of the morning on the negative side, natural gas prices flipped to the positive after the U.S. Energy Information Administration reported a larger-than-expected storage withdrawal for the week to Jan. 13.  EIA data showed natural gas stockpiles ended up 243 Bcf lighter for the reporting week, which was more than the 229 Bcf a Wall Street Journal survey had projected, as well as Bentek’s 238 Bcf estimate.  The pull was also very bullish compared to last year’s 175 Bcf for the same week and the 170 Bcf five-year average.  Storage inventories now stand at 2,917 Bcf, as the deficits to last year and the five-year average widened.  The Feb17 NYMEX gas contract was trading about four cents below Wednesday’s close all morning until the EIA report was released.  The prompt month popped up six cents on the news and continued to rise slowly throughout the afternoon, eventually settling at $3.368/MMbtu, up 6.6 cents on the day.  The current projection for the end-of-season storage level is 1.82 Tcf.

Market Update 012017

Market Settles 011917

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