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Daily Market Update March 3, 2017

Early Morning Update

The Apr17 natural gas contract is trading up $.02 to $2.82.  The Apr17 crude contract is down $0.24 at $52.85.



After a somewhat surprising 7 Bcf injection into storage, the market saw a relatively quiet day, ultimately finishing up $.005 to close at $2.804.  End-of-season storage projections have been updated to reflect mild weather conditions and now are over 2.1 Tcf.  This is a huge change from earlier in the year when estimates called for end-of-season levels near 1.6 Tcf.  The high storage levels mask a relative tightness in the market due to stagnant NG production levels.  The very low heating-related demand has made up for weak production to keep storage high, but if demand ever picks up, the storage levels will fall below historic levels because production has been so slow to grow.  As it stands now, early estimates for end-of-summer storage levels call for 3.6-3.7 Tcf, below last year and the 5-year average.

Market Update 030317

Market Settles 030217

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