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Daily Market Update March 14, 2017

Early Morning Update

The Apr17 natural gas contract is trading down $0.01 to $3.03.  The Apr17 crude contract is down $0.80 at $47.60.



The April natural gas contract rose 3.5 cents on Monday to a one-month high of $3.043/MMBtu on concerns over the winter storm forecasted for the central U.S. and the Northeast. The prompt month has risen in 12 of the past 14 sessions, powered by the first extended period of normal winter weather since December. Future strips past 2017 barely budged, with calendar strips 2018 through 2022 moving less than a cent, and 2023 falling to a fresh all-time low. Stronger-than-average residential and commercial demand is expected to accompany this nor’easter, and the colder weather looks like it will extend into the 6 - 14 day forecast. The late season swell in demand will likely fuel a larger withdrawal from storage for the weeks ending March 10th and 17th, altering the end of withdrawal season storage landscape to the downside again. Production has seen little to no significant movement from 70-71 Bcf/day this winter, so end of season estimates continue to fluctuate with demand, now seeming to hover just below 2.0 Tcf.

Market Update 031417

Market Settles 031317

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